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The Central Bank of Myanmar sold dollars five times within one month, in July, reaching a record of $ 30 million

On July 27, 2021, the Central Bank of Myanmar sold another $ 3 million at a foreign exchange auction, almost five times in July, for a record $ 30 million. The Central Bank of Myanmar sold $ 3 million in a foreign exchange auction on July 7. $ 6 million on July 6; $ 5 million on July 5; $ 8 million on July 8; $ 3 million on July 14 and $ 3 million on July 15; $ 16 million on July 16; $ 26 million on July 26; On July 27, it sold $ 30 million in nine days for $ 3 million.

Short-term rise in foreign exchange rates; The central bank is launching a foreign exchange auction to reduce inflation and increase foreign reserves. The Central Bank of the Republic of the Union of Myanmar is responsible for its foreign exchange operations. A rule-based foreign exchange auction is underway to reduce inflation and implement the state’s two foreign reserves. Rules for Central Bank of Myanmar Competitive Auction Instructions have been set out and these rules and regulations are in place.

Authorized Dealer (AD) banks, including three state-owned banks; 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 with one US dollar to the previous day reference exchange rate to reduce 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).

Source: Daily Eleven

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