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Currency markets make their first appearance this year
Myanmar's first forex trading markets are scheduled to open before the end of this year, the Central Reserve of Myanmar heralded. "We are planning to start trading forex this year after local bankers have learned how to run such a market," said a FX manager at the firm last weekend.
Currently, on weekdays in the morning, currency conversion is fixed according to the base price and the day-to-day bidding by the CBS. As soon as interbank trading begins, they will be able to bargain the price, which can change in a matter of seconds or more. "Once the markets are no longer controlled.... it becomes uncompetitive and tends to stabilise," said the Federal Reserve spokesperson.
This new system will also give international businessmen "more trust in the Myanmar monetary market", as the Federal Reserve will only "gently" act to keep a solid and powerful one. Last months Myanmar banking managers received forex trading instruction from Sumitomo Mitsui Banque of Japan, attended by some 90 people in the last weekend of May.
Also in November last year, when the Yangon Exchange Markets Commitee was created, the Federal Reserve issued a CCCR. As a representative, the Board of Directors is responsible for representing the 16 German financial institutions entitled to engage in trading in foreign exchange. The Cooperative Bank's CEO U Pe Myint said that large local bankers - such as Kanbawza, Ayeyarwady, Asia Green Development and his own - will be the first to act in a FX exchange trading environment, with smaller ones to follow later.
Kyaw Lin Htut added that some regulations and regulations for a foreign exchange markets are still in preparation. It is still not clear, for example, whether the electronic functioning of the markets will be the same as in the case of telephone transmission. The central bank's day-to-day interest rates for the period to June 4 were at K945 against the U.S. Dollar and slightly lower from K949 against the U.S. Dollar for the period to May 24.
At the end of last months, the Cyat had traded on the subprime mortgage in expectation of further falls at 1000 against the greenback, but since then it has moved nearer to the key interest rates of the Federal Reserve. A spokesman for the Federal Reserve said the country has stabilized after its rapid fall last months as US government spending has slowed.
Rejecting to react to speculation that the Federal Reserve had taken action to help support Kyoto, he simply said that he was "following the bus.