On December 9, the Central Bank of Myanmar sold $ 13 million in a foreign exchange auction, up from $ 28 million in two so far in December

On December 9, 2021, the Central Bank of Myanmar sold $ 13 million in a foreign exchange auction, and so far in December, it has sold $ 28 million in two so far, according to the Central Bank of Myanmar. From February to the end of November 2021, the Central Bank of Myanmar sold $ 325.8 million in foreign exchange auctions, the highest amount in October at $ 110 million, according to the Central Bank of Myanmar. The Central Bank of Myanmar sold $ 6.8 million worth of dollars in a foreign exchange auction in February 2021, but not in March. $ 12 million in April; $ 24 million in May; $ 12 million in June; $ 39 million in July; It sold 28 million units in August.

The Central Bank of Myanmar sold $ 15 million on September 13. $ 15 million on September 15; $ 20 million on September 20; $ 22 million on September 22; It sold $ 63 million on September 27 for $ 15 million. The Central Bank of Myanmar sold $ 30 million on November 1. It sold $ 31 million in November for $ 1 million on November 30. The Central Bank of Myanmar’s foreign exchange operations include short-term exchange rate fluctuations; Comparing the exchange rate of Myanmar kyat with one US dollar to the previous day reference exchange rate to reduce depreciation; By comparison, the percentage devaluation of the Myanmar kyat exceeds the stipulated level (opening a competitive auction for the sale of US dollars); Comparing the average Myanmar kyat to the US dollar exchange rate.

By comparison, the percentage increase in the value of the Myanmar kyat exceeds the stipulated level by opening a competitive auction to buy foreign currency (dollars); To buy the foreign currency offered by AD banks between the maximum and minimum exchange rates announced by the Central Bank in the competitive auction. Submissions for sale are purchased and sold by the central bank using the auction system of Refinitiv (formerly Thomson Reuters). For sale Opening; To buy the foreign currency offered by AD banks between the maximum and minimum exchange rates announced by the Central Bank in the competitive auction. Submissions for sale are purchased and sold by the central bank using the auction system of Refinitiv (formerly Thomson Reuters). For sale Opening; To buy the foreign currency offered by AD banks between the maximum and minimum exchange rates announced by the Central Bank in the competitive auction. Submissions for sale are purchased and sold by the central bank using the auction system of Refinitiv (formerly Thomson Reuters).

Source: Daily Eleven

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Imports down by $208 mln as of 26 November, reports MoC

The value of Myanmar’s imports between 1 October and 26 November of the current mini-budget period 2021-2022 (October-March) plummeted to US$2.1 billion, which reflects a drop of $208 million compared to the year-ago period, the Ministry of Commerce’s data indicated. The import value stood at US$2.3 billion last FY2020- 2021. The imports of capital goods declined last month, while the other import groups (consumer, intermediate goods, and CMP businesses) witnessed a slight increase.

Last month, capital goods, such as auto parts, vehicles, machines, steel, and aeroplane parts were brought into the country. Their import value was estimated at $396.34 million. The figure was over $412 million lower than those values registered in the same period of the previous FY. Meanwhile, Myanmar imported consumer products worth $514.6 million, including pharmaceuticals, cosmetics, and palm oil. The imports of consumer products showed a slight decrease of $13.3 million compared with the same period in the previous FY.

Intermediate goods make up the largest share of Myanmar’s imports, with petroleum products and plastic raw materials being the main import items. This year, imports of raw materials climbed up to $873.4 million from $695.7 million registered during the year-ago period. During the same period, raw materials worth over $318.3 million were also imported for the cut-make-pack (CMP) garment sector, showing an increase of $39.9 million compared with last FY. The top 10 import countries to Myanmar are China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data of the Ministry of Commerce.

Source: The Global New Light of Myanmar

US$20 mln worth of fuel oil to be distributed at fairer prices in third batch

The Consumer Affairs Department under the Ministry of Commerce stated that fuel oil valued at US$20 million will be sold at the subsidized price in the third batch. The fuel importers directly spent $20 million at the reference rate of the Central Bank of Myanmar (CBM) to distribute 30 million tonnes of fuel oil. So far, over 26 million tonnes of fuel oil have been sold. Over 11 million litres of 92 Ron, over four million litres of diesel and 10 million litres of premium diesel have been sold.

At present, the oil is distributed through 136 filling stations in Yangon, Mandalay, Nay Pyi Taw, Ayeyawady, Magway, Bago and Sagaing regions, Mon, Shan, Rakhine and Kachin states. The consumers can complain about overcharging for fuel oil which is sold at the subsidized rate under a public distribution system, the Ministry of Commerce stated. If any overcharging is found, the consumers can complain about it through the contact numbers (09664075683, 09664596327, 09687635943, 09676320826) of the Central Committee on Ensuring the Smooth Flow of Trade and Goods (01 250270) of the Yangon Region Consumer Affairs Department and (09421006794) of the Myanmar Petroleum Trade Association.

In the first batch, $20 million worth of fuel oil were sold, while $13.4 million valued oil was distributed in the second batch. The Ministry of Commerce has purchased $53.4 million worth of fuel at the reference rate of the CBM for the fuel oil sector. The fuel oil was pegged at around K590 per litre for Octane 92, K610 for Octane 95, K590 for diesel and K605 for premium diesel in early February 2021 in the domestic retail market. Then, it remarkably climbed up to K1,245 for Octane 92, K1,295 for Octane 95, K1,220 for diesel and K1,230 for premium diesel in the first week of December. There is a remarkable price gap of K600 per litre, according to the local fuel oil market. Normally, Myanmar yearly imports six million tonnes of fuel oil from external markets, the Ministry of Commerce stated.

Source: The Global New Light of Myanmar