Investigation and prosecution of market manipulation to hike the exchange rate 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 legal action as well.
At present, the market exchange rate for Kyat is at 2,850 vs the official rate of 2,100 against the Dollar.
