Myanmar promises reforms, aims to develop foreign exchange market
2018-06-29 16:33:59 / Myanmar Wood
Myanmar will move towards developing a foreign exchange market to enable trading of foreign currencies between local banks and international traders, according to the country’s 2018 Public Finance Management Reform Strategy.
The move comes at a time when the country is facing a shortage of foreign currency in the domestic market, which is adding pressure on the State and Central Bank.
In Myanmar, the Central Bank is responsible for setting the daily exchange rate. It also sells a designated amount of foreign currency to local banks and authorised money changers, which limits the amount of foreign exchange available for trade in the market.
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Source From: The Myanmar Times
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