Tourism services related industry news, recently, in the foreign exchange market in Myanmar, the circulation of new 100-denomination US dollar notes is becoming less and less. Myanmar has high standards for US dollars, and when applying for visas on arrival, the airport not only does not accept old US dollars, but also does not accept US dollar bills with creases, imprints and color differences.
A businessman engaged in tourism said that the international gold price is currently volatile, and the US dollar exchange rate has also continued to decline. However, the exchange rate in Myanmar has not been affected and remains stable at around US$2,800 per US dollar. In the outside market, the exchange price of 100 new US dollar bills has reached about 3,000 kyats for 1 US dollar, and residents can only exchange transactions at prices higher than the market exchange rate.
A businessman engaged in India's medical service industry said that the exchange rate of the brand-new banknote said on the Internet is about 2800~2900 kyats, but the actual transaction price is already around 3000 kyats. In addition, online trading may buy counterfeit banknotes, and the price sold by a trusted bookmaker is more expensive, and how much money to exchange needs to be said in advance.
Some Myanmar media said that the shortage of US dollar banknotes in the market is related to the increase in demand for domestic and foreign currencies. Affected by the situation in China, residents have an increasing demand for foreign currency, and residents continue to move to neighboring countries. Earlier, there was news on the Internet that the Central Bank of Myanmar will adjust the foreign exchange guidance price again.
Later, Major General Zuo Min Tong, spokesman for the Myanmar National Management Commission, responded that attacks on Myanmar's monetary system were increasing, mainly aimed at paralyzing the domestic banking system, and the authorities had no plans to adjust the foreign exchange guidance price, and the exchange rate of one US dollar was still 2,100 kyats.
In March, the exchange rate of one US dollar was stable at around 2,860 kyats, although domestic businessmen had predicted that the US dollar exchange rate in Myanmar would continue to fall. At present, the domestic dollar exchange rate price remains stable and there is no downward trend. Previously, in the US dollar exchange rate market in Myanmar, due to capital speculation, the exchange rate of 1 US dollar rose to 4500 kyats.