From February 2021 to the end of November 2021, the Central Bank of Myanmar sold up to $325.8 million in foreign currency auctions, with the highest amount being $110 million in October, according to statements from the Central Bank of Myanmar.
The Central Bank of Myanmar sold 6.8 million dollars in February 2021 through foreign currency auctions, and there were no sales in March. $12 million in April $24 million in May; $12 million in June $39 million in July; 28 million sold in August.
The Central Bank of Myanmar sold $15 million on September 13. eight million dollars on September 15; $15 million on September 20; Ten million dollars on September 22; It sold for $63 million on September 27 for $15 million.
The Central Bank of Myanmar sold $50 million on October 18. 30 million dollars on October 22; On October 26, it sold for $110 million for $30 million.
The Central Bank of Myanmar sold $31 million dollars on November 1st and $31 million dollars on November 30th.
Foreign exchange rate rise in the short term; The central bank is opening a foreign currency auction in order to reduce the large deficit and replenish foreign reserves.
Rules for Central Bank Competitive Bidding; Instructions have been established and the rules, In accordance with the instructions, the three state-owned banks, which are banks that have business license (AD) to trade in foreign currencies, participate in the foreign exchange auction. Buying foreign currency with 19 domestic private banks and 13 foreign bank branches; Sales are in progress.
The foreign exchange operations of the Central Bank of Myanmar are to compare the exchange rate of the Myanmar kyat and the US dollar on a working day with the previous day’s reference exchange rate in order to reduce the large fluctuations in foreign exchange rates in the short term. According to such comparison, if the percentage of decline in value of Myanmar Kyat exceeds the threshold according to the established rules, open a competitive bid to sell foreign currency (US dollar), if the percentage increase in value of Myanmar Kyat exceeds the threshold, open a competitive bid to buy foreign currency (US dollar) according to the established rules, and compare the exchange rate of one working day with the average exchange rate of Myanmar Kyat and one US dollar in the last 20 days to replenish the national reserve for foreign use. According to such a comparison, if the percentage of increase in value of Burmese kyat exceeds the threshold set by the regulations, open a price competition to buy foreign currency (dollars), in the price competition auction between the highest exchange rate announced by the central bank and the lowest exchange rate presented by AD banks to buy foreign currency. Submissions for sale are purchased by the central bank using Refinitiv’s (formerly Thomson Reuters) auction trading system. Selling.
