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CBM sells $15 mln on 3 December

The Central Bank of Myanmar (CBM) sold US$15 million on 3 December at an auction market rate of K1,780 per dollar, according to a statement from the CBM. Based on monthly sales of US dollars in 2021, the CBM sold $ 63 million in September, $28 million in August, $39 million in July, $12 million in June, $24 million in May, $12 million in April and $6.8 million in February. But, there was no sale in March. The CBM is conducting an auction for foreign exchange to reduce the fluctuation of foreign exchange rates in a short-term period and fulfilling the needs of foreign exchange reserves.

Rules and directives have been set out for the CBM’s auctions. Following these 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 local foreign exchange market’s data in 2021, the highest and the 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 and K1,585- 1,730 in May, K1,595- 1,620 in June, K1,626-1,670 in July, 1,660- 1,682 in August and K1,696-3,200 in September.

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 alltime high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar

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