CBM sells $21 mln as of 15 July

The Central Bank of Myanmar (CBM) sold US$3 million at an auction exchange rate on 15 July bring a total number of sales to $21 million in July, according to figures released from the CBM.
The CBM reportedly sold $ 3million each on 5,6,7,14 and 15 July and $6 million on 8 July at an auction rate within July. The bank has sold about 21 million in toto within six days.
CBM is selling the US dollar at an auction rate intending to keep the exchange rate stable.
With the rising US dollar exchange rate, the CBM has been constantly selling the US dollar at an auction exchange rate since 12 May. Consequently, the exchange rate dips to around K1,600 in the local foreign exchange market.
The CBM trades the foreign currency with the authorized private banks under the rules and regulations of the foreign auction market.
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, K1,585-1,730 in May and K1,595-1,620 in June.
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.
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.
On 20 September 2018, the dollar exchange rate hit an all-time high of K1,650 in the local currency market. — NN/GNLM