US dollar exchange price in Myanmar has decreased by about Ks170 and one dollar was priced at Ks1,780 on the morning of November 10, following the Central Bank of Myanmar’s instruction that foreign currencies must be traded or exchanged in accord with the CBM reference rate ± 0.5 %, according to local foreign exchange counters.   

As per the instruction (18/2021) issued on November 9, all the banks holding authorized dealer licenses, all the banks holding money changer licenses and the companies and organizations holding no money changer licenses are to trade or exchange foreign currencies, according to the reference rate ± 0.5 % set by the CBM.

If they fail to follow the instruction, action will be taken against under the Foreign Exchange Management Law and rule. The instruction takes effect on November 10, the CBM announced.

On November 10, Myanmar kyat value was Ks1,783 per US dollar, Ks2,100 per euro, Ks1,350 per Singaporean dollar, Ks430 per Malaysian ringgit, Ks57 per Thai baht, Ks17 per Japanese yen and Ks290 per Chinese Yuan.