The central bank bought more than $ 35.6 million in a foreign exchange auction in August

The Central Bank of Myanmar bought $ 35.6 million in a foreign exchange auction in August and bought $ 214.5 million from January to the end of August 2020, according to the Central Bank of Myanmar.

The central bank will raise $ 3.8 million on August 5, 2020 through a foreign exchange auction. August 6, $ 3.8 million; On August 14, $ 3.8 million; On August 18, $ 3.8 million; $ 2.1 million as of August 24; $ 3.8 million on August 25; On August 26, $ 3.5 million; $ 3.8 million on August 27; $ 3.8 million as of August 28; It was bought on August 31 for $ 3.4 million.

Monthly sales from January to July 2020 were $ 39.5 million in January 2020; $ 31.5 million in February; $ 21 million in March; $ 16.7 million in May; 39.1 million in June; $ 31.1 million in July; It was bought for $ 35.6 million in August and resold for $ 2.7 million in April 2020.

Exchange rate fluctuations in the short term; The Central Bank of Myanmar (CBM) announced on July 24 that it was holding a foreign exchange auction to reduce inflation and increase foreign exchange reserves.

Central Bank of Myanmar A rule-based foreign exchange auction is being held to reduce inflation and implement the state’s two-pronged foreign reserves.

Rules for Central Bank of Myanmar Competitive Auction Instructions are set out and these rules and regulations are followed. In accordance with the instructions, the banks that have obtained the Authorized Dealer (AD) participation in the foreign exchange auction are: State-owned banks; Buying foreign currency with 19 local private banks and 13 foreign bank branches; And sales.

Central Bank of Myanmar’s foreign exchange operations include short-term exchange rate fluctuations; Comparing the exchange rate of Myanmar Kyat with one US dollar against the previous day exchange rate to reduce the huge depreciation; By comparison, the percentage devaluation of the kyat exceeds the stipulated rate (opening a competitive auction for the sale of US dollars; Comparison with the US dollar exchange rate, such as the opening rate of the exchange rate between the central bank and the minimum exchange rate announced by the central bank in the competitive bidding to buy foreign currency (US dollar) if the percentage of appreciation of the Myanmar kyat exceeds the stipulated by the regulations. To buy loans; Submissions for sale can be purchased and purchased by the Central Bank of Myanmar using Refinitiv’s former Thomson Reuters’s Real Time Dealing Platform. For sale

As mentioned above, the Central Bank of Myanmar is opening a foreign exchange auction in the short term. This is to reduce large losses and increase foreign reserves. The Central Bank of Myanmar (CBM) is conducting a foreign exchange auction to keep the exchange rate at a fixed rate. The Central Bank of Myanmar has issued a statement saying it does not intend to increase or decrease the value of the kyat.

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