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Instead of setting a market-based reference exchange rate, the central bank will only announce the auction price at the reference exchange rate

Central Bank of Myanmar Vice-Governor U Win Thaw said that the Central Bank of Myanmar will announce the auction price instead of the previous market-based reference exchange rate. In ​​the meeting with the licensed banks, the banks have been instructed to keep the rise in foreign exchange prices. However, prices are still rising. High foreign exchange rates have contributed to the country’s political stability. It is very important as it can affect economic stability.

Central Bank Vice-Chairman U Win Thaw said that banks would do their best to report to the central bank if necessary to buy and sell foreign currency only within the limits of foreign exchange trading and to stabilize the exchange rate at a reasonable price at the time of the Kovis-19 incident. The Central Bank of the Republic of the Union of Myanmar has been selling foreign currency to special auction cause AD banks to meet the demand for foreign currency. It is added that the Central Bank of Myanmar will announce the auction price instead of the previous market-based reference exchange rate.

For sale in the case of exchanges, the difference between the selling price and the purchase price should not be more than one percent, and the reference exchange rate should be set as the mid rate and the trading should be amended within + 0.8 percent. Central Bank Vice-Governor Win Thaw said that if the banks acted within the framework, they would be able to maintain a high exchange rate. The central bank is launching a foreign exchange auction to reduce inflation and increase foreign reserves. 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 state’s two-pronged foreign exchange reserve.

Source: Daily Eleven

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