Home Insider Insider Business Those Circulating Rumours of Exchange Rate Hike Face Legal Action

Those Circulating Rumours of Exchange Rate Hike Face Legal Action

FILE PHOTO: An employee counts U.S. dollar bills at a money exchange in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El Ghany

Investigation and prosecution of market manipulation to hike the though malicious rumours will be undertaken, according to a CBM statement on February 10. Some exporters, importers and banks are attempting to raise the exchange rate owing to the rumours. The statement called for bank institutions to govern the market and investigate those fraudsters who circulate such rumours.

The CBM released a notice that the exporters, importers and banking institutions are asked not to elevate the exchange rate. Those banking institutions that will not abide by financial regulations will face as well.

At present, the market exchange rate for Kyat is at 2,850 vs the official rate of 2,100 against the Dollar.