money-stack

CBM sells US$15 mln for sixth time this month

The Central Bank of Myanmar (CBM) sold US$15 million at an auction market rate this month on 23 December for the sixth time, according to figures released from the CBM. The bank sold $15 million at an auction market rate of K1,778 per dollar, it is learnt. The CBM reportedly sold $15 million on 3, 15, 17 and 22 December and $13 million on 9 December, bringing the total number of sales to $88 million during December. Currently, the dollar exchange rate against Myanmar kyat stood at around K1,900 per dollar in the domestic US exchange market, according to the currency exchange counters.

Consequently, the CBM is conducting an auction for foreign exchange to reduce the sudden fluctuation of foreign exchange rates. Besides, the Central Bank of Myanmar (CBM) issued the instruction on 9 November that the foreign exchange transitions must be carried out within ± 0.5 per cent of the reference rate established by the CBM. The dollar exchange rate against Myanmar kyat stood at around K1,330 per dollar at the end-January. Then, the dollar’s value reached the highest of over K3,000 per dollar in history last September-end.

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, K1,585-1,730 in May, K1,595- 1,620 in June, K1,626-1,670 in July, 1,660-1,682 in August, K1,696-3,200 in September, K1,850-1990 in October and K1,773-1,880 in November. 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.

Source: The Global New Light of Myanmar

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