On January 12, 2024, the value of the Myanmar Kyat (MMK) against the US Dollar surged to 3400 MMK/US$1 in the external market, as reported by local currency market sources.

This significant milestone comes after the Central Bank of Myanmar (CBM) announced a pivotal change in its approach to foreign currency transactions.

On December 5, the CBM declared that it would no longer dictate exchange rates but instead allow sales based on prevailing market rates.

Under this new policy, licensed banks engaged in foreign currency trading (AD) will no longer adhere to CBM-set rates. Instead, they will conduct transactions freely, responding to the exchange rates submitted by buyers and sellers in the market. The move aims to enhance flexibility and adaptability in the currency exchange landscape.

As individuals and businesses engage in foreign currency transactions, it is essential to follow the procedures outlined by the Foreign Exchange Supervisory Committee to ensure smooth and compliant transfers.