CBM sells US$24 mln in May at auction rate

The Central Bank of Myanmar (CBM) reportedly sold US$24 million at an auction rate in May, the CBM data showed.
The CBM’s move aims at governing the market volatility, the CBM stated.
The CBM sold $6 million each on 12 and 13 May and $3 million each on 17, 18, 20 and 28 May, respectively.
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 and $24 million in May in the auction market. Consequently, the exchange rate dipped to K1,580 in May-end.
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.
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

Share this post
Hot News
Hot News
Kyel Gyi to face Min Htet Aung in final of Shwe Aung Lan Traditional Boxing Tourney
Ease too much reliance on refrigeration facilities
Exports of aquaculture products top $113.5 mln as of 17 June
Dried chilli pepper price rallies to K7,500 per viss
Opinion seeks on new $ 8.9 billion Muse-Mandalay railway project
Meeting on expansion of using Baht/Kyat and Yuan/Kyat in border trade held
Seized narcotics worth over $ 642 million incinerated in major cities on int’l day against drug abuse and illicit trafficking
SAC Chairman Prime Minister inspects progress in building Maravijaya Buddha Image
An emphasis must be placed on shaping Nay Pyi Taw as Green and Clean City in a long run plan as well as green and clean cities in other regions and states with great farsightedness: Senior General
27-6-2022