CBM sells $8 mln on 15 September


The Central Bank of Myanmar (CBM) sold US$8 million on 15 September 2021 at an auction market rate, bringing a total number of sales of $23 million in September.
About $8 million were sold at an auction exchange rate of K1,750 per US dollar. The bank reportedly sold $15 million on 13 September in the auction market.
In addition, it sold $5 million at its foreign auction rate on 25 August. The bank has sold about $28 million in total in August seven times, according to the figures released from the CBM. This CBM’s move is aimed at governing the market volatility and strengthening the local currency value. The bank sold $3 million on 2 August, $2 million on 3 August, $3 million on 4 August, $2.5 million on 9 August, $2.5 million on 12 August, $10 million on 23 August and $5 million on 25 August.
In July, the CBM reportedly sold $6 million on 8 July and $3 million each on 5, 6, 7, 14, 15, 16, 26, 27, 28, 29 and 30 July in the auction market, totalling $39 million which is the largest amount sold in the past six months.
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.
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 in June. The rate stood at K1,625-1,645 in July.
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. — Aye Maung/GNLM

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