Kyat is depreciating against the US dollar at K1,700 per dollar in the local foreign exchange market although the Central Bank of Myanmar (CBM) is selling the dollar at auction-rate constantly to control the value of the currency.
The CBM sold US$ 28 million in seven times at its auction rate in August so far, with the average exchange rate for the auction ranging from a minimum of K1,646 to a maximum of K1,663 per dollar.
In July, the bank reportedly sold $39 million at an auction rate. Besides, the bank also sold $12 million at an auction rate in June.
The CBM is conducting an auction for foreign exchange to reduce the fluctuation of foreign exchange rates in a short-term period.
The dollar exchange rate against Myanmar Kyat stood at around K1,330 per dollar at the end-January. Then, the rate jumped to around K1,700 per dollar on 26 August with a rise of over K300 in over sixmonths.
In the first seven months of 2021, the highest and lowest exchange rate is currently fixed around K1,327-1,345 in January, K1,335-1,465 in February, K1,420-1,550 in March, K1,550-1,610 in April, K1,585-1,730 in May, K1,595-1,620 in June and K1,626-1,670 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. — NN/GNLM
USD Vs MMK exchange rate hits K1,700 per dollar despite CBM continuously selling dollars at auction-rate to control instability
- August 27, 2021
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