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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 ...
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]
Foreign-exchange reserves is generally used to intervene in the foreign exchange market to stabilize or influence the value of a country's currency. 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 ...
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 ...
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 ...
Than Than Swe was the target of a failed assassination attempt by anti-regime resistance fighters during a public outrage over a new Central Bank decree ordering the sale of all U.S. dollars and other foreign currencies at a fixed rate to licensed banks. [5] She became the highest-ranking official of the regime to be attacked. [6]
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]
[non sequitur] The central bank increased the key interest rate 650 basis points from 10.5 percent to 17 percent, the world's largest increase since 1998, when Russian rates soared past 100 percent and the government defaulted on its debt. The central bank hoped the higher rates would provide incentives to the forex market to maintain rubles ...