The global dollar index hit around 93 points on August 11 and hit a record high of more than 1,700 kyats in the local market on August 11, according to foreign currency traders. The global dollar index, the highest in six months, hit 89.93 points in December. 91.02 points in January; 91.59 points in February; 90.93 points in March; 90.93 points in April; In May, it was around 91.92 points. In January 2021, the lowest and highest monthly exchange rates in the domestic market were 1333-1355 kyats. In February, it was 1340-1475 kyats.
The lowest and highest monthly foreign exchange rates in the domestic market were 1297-1340 kyats in October 2020; In November 1306-1327 kyats; In December 1326-1405 kyats; In January 2021, it was 1333-1355 kyats. In February, it was 1340-1475 kyats. On August 11, 2021, the exchange rates of other foreign currencies in the domestic market were 1900 Kyats; S $ 1,200; Malaysian ringgit 378 kyats; 50 Thai Baht. On August 9, 2021, the Central Bank of Myanmar sold another 2.5 million dollars at a foreign exchange auction, with the average exchange rate for the auction being 1,646 kyats per dollar, according to the Central Bank of Myanmar.
In August, $ 3 million was auctioned off in a foreign exchange auction. $ 3 million on August 3; $ 4 million on August 4; It sold for $ 2.5 million on August 9. 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.
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 aims to increase its exchange rate volatility in the short term. A rule-based foreign exchange auction is underway to reduce inflation and implement the two-pronged approach to 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 Dealer (AD) Banks, which are foreign currency trading bidders participating in the foreign currency auction, in accordance with the directives to buy and sell foreign currency with 19 local private banks and 13 foreign bank branches.
Source: Daily Eleven