Banks are selling up to 500 dollars at a rate of 3,331 kyats per dollar for those who are going to go abroad, announced some private banks.

It is said that dollar is being sold in designated branches of private banks such as KBZ, AYA, CB, UAB, AGD, YOMA, A Bank, MOB and MCB.

According to a statement by KBZ, it is selling up to 500 dollars each to people who meet the specified conditions to ease the need for small foreign currency of those who are leaving for foreign countries.

Dollar is being sold to those who leave to work, those who leave to study, those leaving for medical treatment, those who go on a pilgrimage and people who leave to attend the meeting by the invitation of foreign government and association, and the sale is based on the online trading weighted average rate, announced the KBZ.

On May 29, the exchange rate being sold by private banks is 3,331 kyats per US dollar.

The amount of foreign currency that will be sold has been stated in the statement of some private banks that they will be sold according to the specified amount, but it has not been stated how much the specified amount is.

The Central Bank of Myanmar (CBM) announced on May 29 that some people are doing to destabilize the currency through online platforms.

The CBM has issued a statement saying that some people are destabilizing the exchange rates by publishing incorrect news, including that banks are charging higher exchange rates by using online platforms such as Facebook, Viber and telegrams with fake accounts.

The CBM has announced that measures are being taken against these websites and the transaction exchange rates are being displayed by the relevant banks.