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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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