CBM sells $15 mln on 15 December

The Central Bank of Myanmar (CBM) has announced that they have sold US$15 million on 15 December 2021 at an auction market rate, bringing a total number of sales of $43 million in December three times.
The bank sold up to $325.8 million in foreign exchange auctions from February to November, the highest amount in October at $110 million, according to CBM.
The Central Bank of Myanmar sold $6.8 million worth of dollars in a foreign exchange auction in February 2021, but not in March, $12 million in April, $24 million in May, $12 million in June, $39 million in July and $28 million units in August.
The Central Bank of Myanmar sold $15 million on 13 September, $8 million on 15 September, $15 million on 20 September, $10 million on 22 September and $15 million on 27 September.
The Central Bank of Myanmar sold $30 million on 1 November and $1 million on 30 November.
The CBM is conducting an auction for foreign exchange to reduce the fluctuation of foreign exchange rates in a short-term period and fulfilling the needs of foreign exchange reserves.
Rules and directives have been set out for the CBM’s auctions.
Following these rules and directives, the CBM is trading the foreign currency with three State-owned banks, 19 local private banks and 13 foreign banks, which are holding authorized dealer-AD licences.
This CBM’s move is aimed at governing the market volatility and strengthening the local currency value. — Aye Maung/GNLM