Myanmar’s central bank has announced interventions to stabilize the USD-Kyat exchange rate amidst soaring open market rates. Despite the open market rate reaching around 3,500 Kyat per USD, the reference rate remains at 2,100 Kyat. The bank has permitted the use of Chinese Yuan and Thai Baht in international transactions. Since June, the bank has been trading USD, baht, and yuan on its online platform and considers the exchange rates stable, with daily fluctuations of these currencies remaining below 0.5% since December.