The Central Bank of Myanmar announced on August 9, 2024 that it has been found that the exchange rate is being manipulated at prices that are not actually traded in the foreign currency market.

 CBM announced the discovery of manipulations in exchange rates, where prices not actually traded in the foreign currency market are being reported.

The Central Bank of Myanmar, during periods of low inflow of foreign currency into the country, and to stabilize the foreign exchange rate, foreign currency is being sold at the Money Changer counters of Yangon International Airport (or AD licensed banks) at the Market Online Trading Rate +10 kyat which has been announced daily by the Central Bank of Myanmar for people who will go abroad for work, who will go for medical treatment and those who will go to study and for those attending the meeting, it said.

CBM issues reference exchange rates and foreign exchange trading activities on its online portal, www.cbm.gov.mm. 

Yet, some are still found spreading malicious news through social platforms (Facebook, Telegram, Viber) in an attempt to manipulate the foreign exchange market. The authorities inspected and prosecuted those engaged in Nuggets (Viber group), FB pages and groups  such as Hlaing Htet Arkar (nGa wAi), Euro Dollars buyers and sellers group, dollar buyer seller direct group, Su Myat Kyaw, Usvs Dollar Kyat Trade, Shwe Min Gan money changer, Khit Thit Media, Telegram Channes such as Myo Zaw Aung- GOLD & CURRENCY, Khit Thit Media CBM stated.

Therefore, CBM warned that individuals should transact foreign currencies through authorized dealers (private banks) and money changers.