The foreign currency needed by importers can be met, said U Win Myint, Director General of the Financial Management Department of the Central Bank of Myanmar (CBM).
"We can also fulfill the needs of those who need foreign currency to import goods. We can see that we can also import the necessary goods," he said in an interview with state-owned media.
Kyats 20,000 notes will be issued in a limited amount, so inflation is impossible. The CBM is monitoring the foreign exchange rate to prevent inflation, he added.
"We are working hard to stabilize the foreign exchange rate. Daily foreign currency inflows and outflows are closely monitored. If there is a demand for foreign currency in the market, we will sell and we are instructing banks that buy and hold foreign currency to sell to importers and businesses that need foreign currency," said the Director General.
He added that the foreign currency market among the banks managed by the CBM is stable.
The CBM's monetary policy in order to reduce inflation and control the rate of inflation is mainly focused on the monetary policy framework to help the country's economy and reach the specific amount of money that should be kept in the financial system in accordance with the annual target of gross domestic product GDP and instead of increasing the interest rate in order to speed up business activities, the banks that can increase and decrease the amount of special currency that should be kept in the economic system are doing so by increasing and reducing the ratio of the amount of special money that should be kept in the CBM, announced the CBM.
