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At its peak, the kyat traded for as high as Ks. 850/- per USD. [5] On 2 April 2012, the Central Bank of Myanmar announced that the value of the kyat against the US dollar would float, setting an initial rate of Ks.818/- per US dollar. [6]
Exchange rates: kyats per US dollar – 1,205 (2008 est.), 1,296 (2007), 1,280 (2006), 5.82 (2005), 5.7459 (2004), 6.0764 (2003) note: unofficial exchange rates ranged in 2004 from 815 kyat/US dollar to nearly 970 kyat/US dollar, and by year end 2005, the unofficial exchange rate was 1,075 kyat/US dollar; data shown for 2003–05 are official ...
Central banks can buy or sell foreign currency to influence exchange rates directly. For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its own currency, creating demand and helping to stabilize its value. High levels of reserves instill confidence among investors and traders.
Black market rates for the kyat have for years been significantly higher than the reference rate of Myanmar's central bank, currently set at 2,100 kyat per doll Myanmar junta arrests dozens in bid ...
According to the changes in the economic requirements of the country, the Central Bank rate has been increased from 10 percent to 12 percent since 1 April 2006. [ citation needed ] Agricultural liberalisation speeded up after the elimination of the government procurement system of the main agricultural crops such as rice, pulses, sugarcane ...
It provides trade finance and foreign exchange-related banking to the government, state enterprises, and the international community residing in Myanmar. [2] MFTB also manages Burma's official foreign currency reserves. [2] Until recent economic reforms, MFTB had a monopoly on foreign exchange and customer base. [2]
Following monetary independence from Britain, the building became home to the Union Bank of Burma (ပြည်တောင်စုဘဏ်), and the first Burmese kyats were issued there in July 1952. [5] It remained the site of Myanmar's central bank until 1993, when it became occupied by the military-owned Myawaddy Bank. [5]
Ayeyarwaddy Farmers Development Bank (A Bank) [4] Co-operative Bank (CB Bank) [5] Myanmar Citizens Bank [6] Glory Farmer Development Bank (G Bank) Kanbawza Bank; Myanma Apex Bank; MD Bank; Myanmar Metro Bank; Myanmar Oriental Bank; Myanma Tourism Bank [7] Shwe Rural and Urban Development Bank (Shwe Bank) Tun Commercial Bank (formerly Tun ...