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Global dollar price index rises around 93 points and foreign exchange rate is around 1940 kyats per dollar

The global dollar index hit around 92 points on September 15 and the foreign exchange rate in the domestic market was around 1940 kyats per dollar, according to foreign currency traders. The global dollar index, the highest in six months, hit 91.59 points in February. 90.93 points in March; 90.93 points in April; 91.92 points in May; 90.92 points in June; In July, it was around 91.92 points. In January 2021, the lowest and highest monthly exchange rates in the domestic market were 1333-1355 kyats. In February, it was 1340-1475 kyats.

The lowest and highest monthly foreign exchange rates in the domestic market were 1297-1340 kyats in October 2020; In November 1306-1327 kyats; 1326-1405 kyats in December; In January 2021, it was 1333-1355 kyats. In February it was 1340-1475 kyats. On September 15, 2021, the exchange rates of other foreign currencies in the local market were EUR 2,150; S $ 1,380; Malaysian ringgit 425 kyats; Thai Baht 59. On September 15, 2021, the Central Bank of Myanmar sold $ 8 million in a foreign exchange auction, and so far in September it has sold $ 23 million in two installments, with an average exchange rate of 1,750 kyats.

On September 13, the Central Bank of Myanmar sold $ 15 million in a foreign exchange auction. On August 1, 2021, the Central Bank of Myanmar sold another 2.5 million dollars at a foreign exchange auction, with the average exchange rate for the auction being 1,650 kyats per dollar, according to the Central Bank of Myanmar. The Central Bank of Myanmar (CBM) sold another $ 5 million in a foreign exchange auction on August 25, 2021, up to $ 28 million seven times in August, according to data released by the Central Bank of Myanmar. The central bank is responsible for its foreign exchange operations, such as raising the exchange rate in the short term; A rule-based foreign exchange auction is underway to reduce inflation and implement the two-point foreign exchange reserves of the state.

Source: Daily Eleven

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On September 13, the Central Bank of Myanmar sold $ 15 million in a foreign exchange auction, with an average exchange rate of 1,750 kyat

On September 13, 2021, the Central Bank of Myanmar sold $ 15 million in a foreign exchange auction, with an average exchange rate of 1,750 kyats. On August 25, the Central Bank of Myanmar sold another $ 5 million at a foreign exchange auction, up from $ 28 million seven times in August, according to figures released by the Central Bank of Myanmar. On August 2, 2021, the Central Bank of Myanmar announced a $ 3 million auction. $ 3 million on August 3; $ 4 million on August 4; $ 9.5 million on August 9; $ 12.5 million on August 12; $ 23 million on August 23; It sold for $ 5 million on August 25.

The central bank sold $ 3 million on July 7 at a foreign exchange auction. $ 3 million on the 6th; $ 3 million on the 5th; $ 6 million on the 8th; $ 14 million on July 14; $ 3 million on the 15th; $ 3 million on the 16th; $ 26 million on July 26; $ 27 million on July 27; $ 28 million on July 28; $ 3 million on the 29th; On July 30, it sold for $ 39 million, split 12 times in July and sold for $ 39 million. The Central Bank is conducting a regulatory foreign exchange bid based on its objectives of foreign exchange operations, which are to reduce short-term fluctuations in exchange rates and to supplement the country’s foreign exchange reserves.

Rules for Central Bank Bidding Instructions have been set out and these rules and regulations are in place. Authorized Dealers (AD) Banks, which are foreign exchange bidders participating in the foreign currency auction, in accordance with the instructions. Buying foreign currency with 19 local private banks and 13 foreign bank branches; And sales. The Central Bank of Myanmar’s foreign exchange operations include short-term exchange rate fluctuations; Comparing the exchange rate of Myanmar kyat to US dollar per working day to the previous day exchange rate to reduce the depreciation; By comparison, the percentage devaluation of the Myanmar kyat exceeds the stipulated level (opening a competitive auction for the sale of US dollars, the percentage of appreciation of the Myanmar kyat exceeds the stipulated by the regulation).

Comparing the average Myanmar kyat to the US dollar exchange rate; According to this comparison, the percentage of appreciation of the Myanmar kyat is higher than that set in accordance with the rules and regulations. To buy the foreign currency offered by AD banks between the highest exchange rate and the lowest exchange rate announced by the central bank in the auction. Submissions for sale are purchased and sold by the central bank using the Refinitiv (formerly Thomson Reuters) auction system. The Central Bank of Myanmar (CBM) is holding a foreign exchange auction to reduce the volatility of foreign exchange rates in the short term. Opening an auction to buy foreign currency (dollars) if the percentage of appreciation of the Myanmar kyat exceeds the stipulated rules. 

To buy the foreign currency offered by AD banks between the highest exchange rate and the lowest exchange rate announced by the central bank in the auction. Submissions for sale are purchased and sold by the central bank using the Refinitiv (formerly Thomson Reuters) auction system. The Central Bank of Myanmar (CBM) is holding a foreign exchange auction to reduce the volatility of foreign exchange rates in the short term. Opening an auction to buy foreign currency (dollars) if the percentage of appreciation of the Myanmar kyat exceeds the stipulated rules. To buy the foreign currency offered by AD banks between the highest exchange rate and the lowest exchange rate announced by the central bank in the auction. Submissions for sale are purchased and sold by the central bank using the Refinitiv (formerly Thomson Reuters) auction system. 

The Central Bank of Myanmar (CBM) is holding a foreign exchange auction to reduce the volatility of foreign exchange rates in the short term. To buy the foreign currency offered by AD banks between the highest exchange rate and the lowest exchange rate announced by the central bank in the auction. Submissions for sale are purchased and sold by the central bank using the Refinitiv (formerly Thomson Reuters) auction system. The Central Bank of Myanmar (CBM) is holding a foreign exchange auction to reduce the volatility of foreign exchange rates in the short term. To buy the foreign currency offered by AD banks between the highest exchange rate and the lowest exchange rate announced by the central bank in the auction. Submissions for sale are purchased and sold by the central bank using the Refinitiv (formerly Thomson Reuters) auction system. The Central Bank of Myanmar (CBM) is holding a foreign exchange auction to reduce the volatility of foreign exchange rates in the short term.

Source: Daily Eleven

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Domestic gold price falls by K45,000 per tical in two days

The price of precious yellow metal falls back on 13 September, with a drop of K45,000 in two days, domestic gold market’s data showed. The price of pure gold metal hit fresh new peaks in the recent days and it reached the highest of K1,900,000 per tical (0.578 ounce, or 0.016 kilogram) on 11 September tracking the dollar gains on Kyat in the forex
market, whereas it dropped to K1,855,000 per tical on 13 September, according to Yangon Region Gold Entrepreneurs Association (YGEA). On 11 September, the association made six decisions, including control of the market rally, permits for the members to secure transportation to and from gold refineries and for holding a large amount of cash.

The spikes in the gold market were attributed to the political developments, high demand in the domestic gold market, shortage of raw gold metals, the price gain in the international market and the Kyat depreciation. The global gold price stood at only US$1,789 per ounce on 13 September, while a US dollar exchange rate was set at K1,734. As a result of this, YGEA urged its members to regulate trade in order to deal with market volatility. To regulate unsustainable rally in the domestic gold market, the association called for the members to make the gold transaction with only immediate payment, avoid the verbal transactions over calls and halt trading outside the Yangon region, according to YGEA.

In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price was registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June).

Last month, it fluctuated between K1,562,300 (26 Jul) and K1,587,000 (K1,587,000), the gold traders said. According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar

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The central bank has announced that it will remove the widening gap between the selling price and the buying price, and some traders say the exchange rate fluctuations will not be affected

The central bank announced on September 11 that it would remove the widening gap between the selling price and the buying price. The sale of foreign currency issued on August 8; Purchasing The Central Bank has issued a directive to set the CBM Reference Rate at the Mid Rate and the Purchase Price and Purchase Price within the range of 0.8%. The directive was canceled. Licensed banks trading foreign currency.

 The Central Bank of Myanmar said in a statement that the holders of foreign exchange licenses have been notified. Dr Soe Tun, a businessman, said the directive would not affect the value of the dollar traded in the market. In the past, when there was a price tag, the actual price on the board and at the counter was different from the price on the board, he said. It says 1,700 on the board, but it can’t be bought. 

Only people you know are buying and selling. It is 2,000 outside. It is also difficult to buy and sell. With this release, it will be easier to buy and sell because Molo is set as freely as before. It has little to do with price fluctuations. There will be more trade. Currently, the price set by the central bank is one in the foreign exchange market and one in the foreign exchange market. According to the prices on September 11, local foreign exchange counters and banks set the price at around US $ 1,746 per dollar, but the actual market price was between US $ 1980 and 2010.

Source: Daily Eleven

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Stock market up in August

The values of shares traded on the Yangon Stock Exchange (YSX) climbed up in August 2021 compared with those registered in the last two months, with over K300 million worth of 49,191 shares traded on the exchange, the YSX’s monthly report showed. In February 2021, K442 million worth of 77,388 shares were traded on the exchange. The figures extended further drops to K110 million worth of 19,816 shares in March 2021. Then, the market slightly rose in April with K280 million worth of 42,964 shares. The stocks were maintained in the bull market in May with 78,642 shares worth K432.448 million as well. In June, 79,296 shares worth K430.285 million were traded on the exchange.

Then, the volume of shares traded in the equity market plunged to 36,855 shares in July 2021 and the trading value also slipped to K198 million. Under Section 4 of the Trading Business Regulations, the stock trading was closed from 16 to 20 August 2021 as the long public holidays for COVID-19 prevention, control and treatment activities. The market resumed on 23 August 2021 as usual. Last month, the shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH), the Ever Flow River Group Public Co., Ltd (EFR) and Amata Holding Public Co., Ltd. (AMATA) were traded in the equity market.

The share prices per unit were closed at K8,900 for FMI, K3,200 for MTSH, K7,800 for MCB, K20,500 for FPB, K2,700 for TMH, K3,100 for EFR and K4,800 for AMATA respectively. The stock markets worldwide have reported their largest declines since the 2008 financial crisis. Similarly, the local equities market is also scared by the COVID-19 crash, a market observer points out. At present, people are keeping emergency savings, rather than investing in the COVID-19 crisis and current political development, he added. Amid the COVID-19 crisis and political changes, Myanmar’s securities market has been able to continue operating without stopping trading. Additionally, the stock market also rose in August.

In 2020, the value of stocks traded on the exchange reached a peak of K1.48 billion in February, whereas trading on the exchange registered an all-time low of K552.9 million in November due to the COVID-19 resurgences in Myanmar, the exchange’s monthly report showed. A total of K12.6 billion worth of 1.87 million shares by six listed companies were traded on the exchange in 2020, a significant drop compared to 2019. Over 2.4 million shares from five listed companies, valued at K13.39 billion, were traded on the exchange in 2019, according to the annual report released by the exchange.

Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020. Further more, YSX launched a pre-listing board (PLB) on 28 September 2020 to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX, YSX stated. The YSX was launched four years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment seminars. The stock exchange has also sought the government’s support to get more public companies to participate in the stock market and help more institutional investors, such as financing companies, investment banks, and insurance companies, to emerge.

Source: The Global New Light of Myanmar

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At the local foreign exchange counters, the exchange rate is around 1,725 ​​kyats and the exchange rate in the market is around 1,900 kyats per dollar

The global dollar index hit around 92 points on September 7 and the foreign exchange rate in the domestic market was around 1,900 kyats per dollar, according to foreign currency traders. At local foreign exchange counters, the price is around US $ 1,725, but in the real world market it is around US $ 1,880 to US $ 1,900. The global dollar index, the highest in six months, hit 91.59 points in February. 90.93 points in March; 90.93 points in April; 91.92 points in May; 90.92 points in June; In July, it was around 91.92 points.

In January 2021, the lowest and highest monthly exchange rates in the domestic market were 1333-1355 kyats. In February, it was 1340-1475 kyats. The lowest and highest monthly foreign exchange rates in the domestic market were 1297-1340 kyats in October 2020; In November 1306-1327 kyats; In December 1326-1405 kyats; In January 2021, it was 1333-1355 kyats. In February, it was 1340-1475 kyats. On September 7, 2021, the exchange rates of other foreign currencies in the domestic market were Euro 1990 kyats; S $ 1,300; Malaysian Ringgit 398 Kyats Thai Baht 55.

On August 12, 2021, the Central Bank of Myanmar sold another 2.5 million dollars at a foreign exchange auction, with the average exchange rate for the auction being 1,650 kyats per dollar, according to the Central Bank of Myanmar. In August, $ 3 million was auctioned off in a foreign exchange auction. $ 3 million on August 3; $ 4 million on August 4; $ 9.5 million on August 9; It sold for $ 2.5 million on August 12. Exchange rate fluctuations happen in the short term.

The central bank is launching a foreign exchange auction to reduce inflation and increase foreign reserves. The central bank aims to increase its exchange rate volatility in the short term. A rule-based foreign exchange auction is underway to reduce inflation and implement the state’s two-pronged foreign exchange reserve. The rules for Central Bank Bidding Instructions have been set out and in accordance with these rules and regulations buying and selling process are carried out by Authorized Dealer (AD) Banks, which are foreign currency trading bidders participating in the foreign currency auction, 19 local private banks and 13 foreign bank branches.

Source: Daily Eleven

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Domestic gold price sets fresh record high up to K1.8 mln per tical

The price of pure gold metal reached an all-time high of K1,800,000 per tical (0.578 ounces, or 0.016 kilogrammes), according to Yangon Region Gold Entrepreneurs Association (YGEA). The spikes in the gold market are attributed to political development, high demand in the domestic gold market, shortage of raw gold metals, the price gain in the international market and the Kyat depreciation. The global gold price stood at only US$1,816 per ounce at the present time, while the US dollar exchange rate is worth above K1,800. On 12 May, the gold hit a peak of K1,709,000 per tical and the current rate hit the highest in history. As a result of this, YGEA urged its members to regulate trade in order to deal with market volatility.

To regulate unsustainable rally in the domestic gold market, the association called for the members to make the gold transaction with only immediate payment, avoid the verbal transactions over calls and halt trading outside the Yangon region, according to YGEA. In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price was registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May.

The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). Last month, it fluctuated between K1,562,300 (26 Jul) and K1,587,000 (K1,587,000), the gold traders said. According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar

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USD against MMK hits around K1,800

The exchange rate stood at its highest point of K1,800 per US dollar in the foreign exchange market. Although the dollar exchange rate hit only K1,708 per dollar on 3 September as stated by the Central Bank of Myanmar (CBM), the outside exchange rate is set at K1,800 per dollar. Thus, the local forex market rate is K100 higher than the rate set by the CBM. The CBM sold US$ 28 million in seven times at its auction rate in August to stabilize the US dollar exchange rate. In July, the central bank reportedly sold $39 million at an auction rate. Besides, the bank sold $12 million at an auction rate as well.

The CBM is conducting an auction for foreign exchange to reduce the fluctuation of foreign exchange rates in a short-term period. The dollar exchange rate against Myanmar Kyat stood at around K1,330 per dollar at the end-January. Then, the rate jumped to around K1,800 per dollar on 4 September with a rise of over K400 in over seven months. In the first eight months of 2021, the highest and lowest exchange rate is currently fixed around K1,327-1,345 in January, K1,335-1,465 in February, K1,420-1,550 in March, K1,550-1,610 in April, K1,585-1,730 in May, K1,595- 1,620 in June, K1,626-1,670 in July and K1660-1682 in August.

In 2020, the exchange rate moved in the range of K1,465-1,493 in January, K1,436-1,465 in February, K1,320-1,445 in March, K1,395-1,440 in April, K1,406-1,426 in May, K1,385- 1,412 in June, K1,367-1,410 in July, K1,335-1,390 in August, K1,310-1,355 in September, K1,282-1,315 in October, K1,303-1,330 in November and K1,324-1,403 in December. In 2019, the rates are pegged at K1,508-1,517 in July, K1,510-1,526 in August, K1,527-1,565 in September, K1,528-1,537 in October, K1,510-1,524 in November and K1,485-1,513 in December. On 20 September 2018, the dollar exchange rate hit an all-time high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar

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Republic of the Union of Myanmar Central Bank of Myanmar

Notification No 33/2021
12th Waning of Wagaung 1383 ME
3 September 2021

  1. The Central Bank of Myanmar exercises the authority in sub-section (a) of Section 49 of the Foreign Exchange Management Law to issue this notification.
  2. According to Section 38-b, Section 42-a of the Foreign Exchange Management Law and paragraph 35 of the Foreign Exchange Management Regulation, exporters shall not fail to deposit all their export incomes in foreign exchange, during the stipulated period, in their bank accounts in the State.
  3. Exporters must sell their remaining export incomes in foreign exchange of their bank accounts to the authorized bank-AD licences within four months of the transfers without fail.
  4. This notification shall come into effect from the date of issue.

Than Nyein
Governor

Source: The Global New Light of Myanmar

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The global dollar price index is around 92 points and the exchange rate is around 1,703 kyats per dollar

The global dollar price index was around 92 points on September 2, and on September 2, the exchange rate in the local market was around 1,703 kyats per dollar, according to foreign currency traders. In the domestic market, the exchange rate has risen sharply since June 2018, breaking the record of 1,438 kyats per dollar on December 16, 2016 to 1,440 kyats on July 30, 2018, to a record high of 1,670 kyats on August 16 and 1,650 kyats on September 20.

Then, on January 1, 2019, it was 1540 kyats. On February 28, it dropped to 1,503 kyat. It was around 1514 kyats on August 26 and rose to 1565 kyats on September 6. It has fallen below 1,400 kyats since March 5, 2020. In July 1367 kyats; In August 1342 kyats; In September 1324 kyats; In October, it dropped to 1297 kyats.The lowest and highest monthly foreign exchange rates in the domestic market were 1320-1445 kyats in March 2020; In April 1395-1440 kyats; in May 1406-1426 kyats.

In June, 1412-1385 kyats; In July 1367-1413 kyats; In August 1342-1392 kyats; 1324-1362 kyats in September; 1297-1340 kyats in October; 1306-1327 kyats in November; 1326-1405 kyats in December; In January 2021, it was 1333-1355 kyats. In February, it was 1340-1475 kyats. On September 2, 2021, the exchange rates of other foreign currencies in the domestic market were 1950 kyats to 1950 kyats. S $ 1,260; Malaysian ringgit 387 kyats Thai baht 53 kyats. Short-term rise in foreign exchange rates; The Central Bank of Myanmar (CBM) is launching a foreign exchange auction to reduce inflation and increase foreign reserves.

Source: The Global New Light of Myanmar