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MYANMAR – After reports that the United States may impose sanctions (economic sanctions) on Myanma Investment and Commercial Bank (MICB), and the Myanma Foreign Trade Bank (MFTB) under the military council, local and foreign exchange rates fluctuated and the market closed at more than 3,000 kyats per dollar on Wednesday, June 21.
In terms of local foreign exchange rates on Wednesday, the price of one US dollar ranges from 3,050 kyats to 3,100 kyats. In comparison, the price from the previous day ranged from 2,970 to 2,980 kyats, showing an increase of over 100 kyats, according to the market.
“In the outside market, the exchange rate is more than 3,000 for one dollar, trading between 3,020 and 3,065 kyats. Some exchange counters are closed,” said a person working in foreign exchange.
Meanwhile, the domestic academy gold price is stable at 3,130,000 kyats per tical (16.6 g) while according to market research, Singapore dollar and Thai baht prices have also risen slightly.
On June 21, the Singapore dollar was between 2,180 and 2,185 kyats per dollar, and rose to 2,200 and 2,300 kyats on June 22. The price of the Thai baht that was between 84 and 86 kyats per baht on June 20 also rose to 86 and 87 kyats.
In 2022, when Myanmar was blacklisted by the Financial Action Task Force (FATA), the Global Watchdog on Money Laundering and Financing of Terrorism, gold prices rose along with foreign exchange prices.