Private banks sell small amounts of foreign currency at open market rate

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Yangon, June (9)

Myanmar citizens traveling abroad can purchase small amounts of foreign currency from private banks at open market rates, the officials said.

Private banks announced on June 5 that individuals planning to work overseas, students intending to pursue their education abroad, and those seeking medical treatment overseas can purchase US$ 300 to 500.

An official of a private bank said that they are selling dollars with the approval of the head office to those who will work abroad and they have to present a copy of their passport, letter of employment and a copy of their flight ticket.

AYA, AGD and YOMA Banks announced that those who are going to study must show Passport of Education (PE) or relevant documents associated with the educational institution they will be attending, and those seeking medical treatment need to present medical documents.

According to a financial analyst, banks must sell foreign currency at the set reference price to individuals going overseas, but because there is no clear order from the central bank, private banks can sell it at the open market rate.

The junta-controlled Central Bank announced on May 26 that it plans to increase the sale of small amounts of foreign currency at money changer counters to those who will be working and studying abroad, and to sell a certain amount with international payment cards.

The foreign exchange rate is 2,940 kyats per US dollar in the open marker, and the military regime’s Central Bank has announced that it has no plans to change the reference foreign exchange rate to 2,100 kyats per US dollar.

News – Than Lwin Times

Photo – CJ

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