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CBM sells $18 million so far in July

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The Central Bank of Myanmar (CBM) building in Yangon.

The Central Bank of Myanmar (CBM) sold US$18 million in the half of the month of July at an auction market rate.
The CBM reportedly sold $3 million each on 5, 6, 7 and 14 July and $6 million on 8 July at an auction rate within July. The CBM’s move is aimed at governing the market volatility.
The bullish hard currency gained in the local forex market, reaching the peak of K1,730 on 12 May from K1,330 in January-end. In a bid to control the sharp daily gains of the US dollar, the CBM reportedly sold about 6.8 million dollars on 3 February 2021, 6 million dollars each on 22 and 27 April, $24 million in May and $12 million in June in the auction market. Consequently, the exchange rate stands at K1,650 at present.
The CBM sold 12 million dollars at an auction market in June as well. Consequently, Kyat value against a US dollar slightly increases in a week, with the exchange rate of K1,660 on 7 July and 1,646 on 15 July.
The bullish hard currency gained in the local forex market, reaching the peak of K1,730 on 12 May from K1,330 in January-end. In a bid to control the sharp daily gains of the US dollar in the local market, the CBM reportedly sold $24 million in May. Consequently, the exchange rate slightly fell to K1,585 in May. Nevertheless, it touches a high of K1,646 for now.
The CBM trades the foreign currency with the authorized private banks under the rules and regulations of the FX auction market.
The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April. The rate fluctuated between K1,585 and K1,730 in May, and it moved to the maximum of K1,595-1,620 last month.
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. — NN/GNLM

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