CBM sells $110 mln this month

CBM sells $110 mln this month
October 31, 2021

THE Central Bank of Myanmar (CBM) sold US$110 million at its auction rate in October, it is learnt. According to the sales of US dollars in October, the CBM sold $50 million on 18 October and $30 million each on 22 and 26 October.

The CBM is conduction an auction for foreign exchange to reduce the sudden fluctuation of foreign exchange rates. The dollar exchange rate against the Myanmar Kyat currently stood at around K2,900 per dollar. Last September, the US dollar exchange rate rose to a record high of over K3,000 per dollar. Consequently, the CBM reportedly sold $63 million at an auction rate in September.

According to monthly sales of US dollars in 2021, the CBM sold $28 million in August, $39 million in July, $12 million in June, $24 million in May, $12 million in April and $6.8 million in February.

The local foreign exchange market’s data in 2021, the highest and the 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 and K1,585-1,730 in May, K1,595- 1,620 in June, K1,626-1,670 in July, 1,660-1,682 in August and K1,696-3,200 in September.

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 alltime high of K1,650 in the local currency market.