US dollar rate drops to K1,340 despite CBM purchases $8 mln

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(FILES) A woman counts US dollor. Photo: Supplied

The US dollar exchange rate dropped to K1,340 per dollar, although the Central Bank of Myanmar bought US$ 8 million, according to the local exchange market.
The US dollar against the Kyat rose to K1,400 in mid-December. Then, the exchange rate plummeted around by 60 kyats a few days later.
Within ten days, the CBM purchased $1.9 million at the auction average exchange rate of K1, 330 per dollar on 23 December, $3.8 million on 29 December and $2.1 million on 30 December from the local exchange market.
In December, CMB bought $7.8 million. After that, the CBM resold $3 million back on 14 December when raising the US exchange rate. Since the start of the year, the bank has been purchasing the US dollar in the auction market to keep the exchange rate stable.
This year, the exchange rate moves 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 and K1,335-1,390 in August. Last year, 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.
In 2019, the rates are fixed 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.
(Translated by Hay Mar)

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