Myanmar Daily Exchange Rate

Burma Daily Rate

However, despite the reforms of the foreign exchange regime, informal foreign exchange trading remains omnipresent. Almost all LED boards with day courses are switched off. "The trading volume of daily central bank auctions is increasing. K; Myanma kyat coins available: The Myanmar Exchange Rates app is now available for Android and iOS mobile phones.

Burma Exchange Rate

Myanmar's exchange rate against the US$: In April 2018, averages of 1,331.20 MMK/USD were recorded on a month-to-month basis. That is a decline from the current figure of 1,336.47 MMK/USD for March 2018. Myanmar's exchange rate against the US$: We update our averages on a month-to-month basis, i. e. 6.11 MMK/USD on December 31, 1957 to April 2018, with 736 readings.

In November 2017 the figures hit an all-time high of 1,365.79 MMK/USD and in November 1971 a new low of 4.76 MMK/USD. Myanmar's exchange rate against the US$: The CEIC keeps on generating averages for each month. This information is categorised under World Trend Plus's Global Economic Monitor - MM.M006:

Exchange rate. The CEIC computes the mean exchange rate per month against the US dollar from the daily mean exchange rate. Myanmar's Federal Reserve provides the exchange rate against the US dollar. The exchange rate against the US dollar before May 2012 is from the International Monetary Fund. See Myanmar's exchange rate against US$: Graph showing monthly averages from Jan 1957 to Apr 2018:

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Exchange rate reform of the central bank to begin in January next year

Following years of complaining that the US dollar's benchmark interest rate does not mirror the real situation on the markets, the central banks have indicated a postponement in the determination of the value. To reduce the gulf between the Bank's interest rate and that of the overall free float, the Regulatory Authority has indicated that it will base its daily benchmark interest rate on operations on the international banking markets and not on its own daily auction.

This step would significantly change the exchange rate system of the Central Banks, which has been in force since 2012. That same April, the SNB gave up a monetary system that included an exchange rate of K6 to the US Dollars and switched to a traded-at-all.

As part of this agreement, the EIB conducts daily US dollar bids from retail creditors and uses the market interest rate to establish a daily benchmark interest rate. Licensees and merchant bankers can only carry out their own foreign exchange operations within a small range of only 0.8pc above or below the benchmark rate.

For a long time, banks and financial experts have pointed out that the exchange rate determined by the central bank - and thus also the bandwidth for other licensed foreign exchange vendors - does not usually mirror the real US dollar requirement in the US population. As a result, individual persons and companies either use the illegal trade or trade with each other.

That weakens the government financials industry of the euro and is exaggerating the fluctuations of the exchange rate of the Kyoto Protocol/JPY, say economists. For years, multinational bodies such as the IMF have urged the Central Bank to move its interest rate more flexibly, but the gulf between formal and informal interest rate levels still persists.

"The central bank's base rate is still different from the markets," said U Win Thaw, general manager of the central bank's foreign exchange management department. In view of the gap between the markets and formal interest rate, there is little stimulus for them to buy from the central bank, making auctioning an ever worse measure of US dollars demanded.

The average turnover at this week's auction, on which the benchmark interest rate for the whole of Myanmar is calculated, was less than $1000. If the amendment occurs, the central banks fix the benchmark interest rate of the date on the basis of the interest rate of the preceding interbanks. However, the bench plans to update its rate more than once a daily further down, said U Win Thaw.

Had the central bank switched to the inter-bank markets now, the benchmark interest rate would almost certainly be higher. yesterdays weighting on the inter-bank exchange rate was K1394 - well above the central bank benchmark of K1350. Based on the total amount, $31.4 million was swapped on the inter-bank markets, versus $1000 in the daily auctions.

As well as moving to the inter-bank markets, the central bank also intends to lift the limitation that limits the number of business bank and licenced change agents to 0.8% of the benchmark interest rate. Jumping over the 0.8pc range in hedge funds is a big gamble, say economists.

Though U Win Thaw had previously said to the Myanmar Times that the central bank would also need to enact new rules to avoid excessive financial spread. There is no model of inefficiency in the inter-bank markets. It recognises that the central bank needs to strengthen the markets if it is to be able to count on interbanking.

A number of banks have said to the Myanmar Times that lenders' confidence is low, which has hindered the growth of the inter-bank markets. Privatbankiers have also blamed their major state counterparts, who have for many years held a currency service monomer, for being in large denominations of US dollar and not taking part in inter-bank exchanges.

National bankers refused to give their views on how they would encourage attendance, but have previously said that they intended to ensure the full involvement of state bankers. USoe-Thein, Vice President of the Asia Green Development Bank, said a better working inter-bank would be very advantageous. "The decisive effect would be if the inter-bank markets could mirror the'real' exchange rate," he said, adding that it is essential that the squeeze-out of the 0.8pc norm is not used.

"If not, foreign exchange trading will still take place outside the banking market," he said. Meanwhile, the Central Reserve will keep using daily auctioning, although there are indications that the EIB is trying to keep pace with the non-formal one. The benchmark interest rate applies to the largest move per week since the start of the auction in 2012.

On 12 December, the central bank's benchmark interest rate was K1320 and climbed by K10 per annum to K1350 last night - the largest leap for three successive d├ęcours.

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