Currency Exchange Rate in Kbz BankExchange rate in the Kbz Bank
In this case, the bank was permitted to charge an interest rate of 0.8% above or below that of the central bank. Prior to April, the bank had permitted foreign and Myanmar bankers to establish Yangon's exchange offices to help them exchange them. "When the first exchange counter opened, the gulf between the rate available at government exchange counter and the subprime mortgage was considerable - sometimes K20-30 per US Dollars, but over the years it has stabilised," said a central banker.
It added that the Central Bank's December ruling to provide non-bank moneychanger licences has prompted a number of illegal moneychangers to move into the lawful area and the size of the illegal moneychanger sector has sunk. The central bank's exchange rate on 17 January was K858 for the US dollar, while foreign exchange certificates for K862 were traded, according to the Asia Green Development Bank website.
Each time the supermarket offered K855-858.
More than 100 requests have been made since the announcement by the Central Bank that non-banks could open counter, the officer said. In January, two businesses were allowed to open counters: Farm Phoyarzar is a commercial enterprise and his managing partner for currency exchange is U Kyaw Kyaw.
Said that all coin change machines must obey the same set of regulations, regardless of who they are. "I think that the opening of non-bank coin exchange systems will increase competitiveness and I am hoping that the illegal economy will slowly disappear.