It reached the lowest of K1,420 and the highest of K1,550 in March.
The rate moved in the range of K1,335-1,465 in February. The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The US dollar exchange rate stood only K1,330 in January-end, whereas it rose to K2,000 at present, recording an increase of K700 in ten months.
In a bid to control the dollar gain against Kyat, the CBM sold about 6.8 million dollars on 3 February 2021, $12 million in April, $24 million in May, $12 million in June and $39 million in July in the auction market respectively. Kyat is weakening in the local forex market. In August, the CBM reportedly sold $28 million at its auction rate. In September, the CBM sold 63 million dollars to the private banks to steer the local currency value. Again, 15 million dollars were sold to nine banks with the authorized dealer licence. The CBM sold the US dollars at the set rate to the banks with the authorized dealer licence where the companies screened by National Trade Facilitation Committee opened an account.ĭuring a week from 13 to 17 September, 25 million US dollars were sold. The CBM sold the US dollar at an auction rate of K1,750 and the authorized dealers resold them at K1,753. The CBM sold the foreign currency to the prioritized sectors (palm oil, fuel oil and pharmaceuticals) at an auction rate through the authorized banks every week. Last September-end, a dollar value reached the highest of over K3,000 in history.Ĭonsequently, the Central Bank of Myanmar (CBM) sold US$40 million to the authorized dealers. The exchange rate on the US dollar hit around K2,000 in the local forex market, as per money exchangers.
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