THE Central Bank of Myanmar (CBM) sold US$3 million for the third time this month on 25 June.

About  US$3  million  were  sold at an auction exchange rate of K1,595 per US dollar.

On  7  June,  the  CBM  sold  about $ 3 million for the first time this month at an auction market rate. The bank has already sold a  total  of  US$12  million  within  this month.

In May, the CBM reportedly sold  $24  million  at  an  auction  rate.The  CBM  is  conduct-ingauctions for foreign exchange to reduce the fluctuation of foreign exchange rates in a short-term period and fulfil the needs of foreign exchange reserves.

The  dollar  exchange  rate  against  Myanmar  Kyat  stood  at  around  K1,330  per  dollar  at  the end-January. Then, the rate jumped  to  K1,730  per  dollar  on  12 May.

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 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.

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.

GNLM

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