moneys

USD vs Kyat up by over K380 in first six months

The US dollar exchange rate against Myanmar Kyat has risen by over K380 per dollar in the first six months of 2021, the local foreign exchange market’s data showed. Although the dollar exchange rate stood only around at K1,330 per dollar in the local foreign exchange market in January, the rate skipped to K1,620 per dollar on 30 June with a rise of over K380 per dollar in six months. This is the reason why the Central Bank of Myanmar (CBM) has been purchasing and selling the US dollar in the auction market to reduce the fluctuation of foreign exchange rates in a short-term period and fulfil the needs of foreign exchange reserves.

The CBM purchased US$1.8 million in January this year and it then sold $6.8 million in February. Likewise, the bank also sold $12 million in April, $24 million in May and $12 million in June. At present, the dollar exchange rate hit K1,620 per dollar in the local exchange market. But the rate does not touch the rate that hit a high of K1,730 per dollar in May. In the first six months of 2021, the highest and 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 and K1,595-1,620 in June.

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. In 2019, the rates are pegged at K1,508-1,517 in July, K1,510- 1,526 in August, K1,527-1,565 in September, K1,528-1,537 in October, K1,510-1,524 in November and K1,485-1,513 in December. On 20 September 2018, the dollar exchange rate hit an all-time high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar

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