The Central Bank of Myanmar (CBM) has announced that they have sold US$15 million on 27 September 2021, at an auction market rate, totalling sales of US$ 48 million in September five times. About $15 million was sold at an auction exchange rate of K1,755 per US dollar. The CBM report sold $15 million on 13 and 20 September, $8 million on 15 September and $10 million on 22 September.
With the rising US dollar exchange rate, the CBM has been constantly selling the US dollar at an auction exchange rate since 12 May. The bank has also sold about $28 million in total in August seven times, according to figures released from the CBM. This CBM’s move is aimed at governing the market volatility and strengthening the local currency value. Rules and directives have been set out for the CBM’s auctions.
Following such rules and directives, the CBM is trading the foreign currency with three state-owned banks, 19 local private banks and 13 foreign banks, which are holding authorized dealer-AD licences. The CBM sold $6.8 million in February 2021, a foreign exchange auction, but did not sell in March.The CBM sold $12 million in April, $24 million in May, $12 million in June, $39 million in July and $28 million in August.
Source: The Global New Light of Myanmar