On October 20, the world dollar price index was around 93 points, and the foreign exchange rate was around 2045 kyat per dollar, according to foreign currency traders.
Domestically, the Kyat has continued to depreciate, and on September 29, the world dollar index was around 93 points, and the foreign exchange rate rose to a record high of around 2,700 Kyat per dollar, according to foreign currency traders.
The exchange rates of other foreign currencies in the local market on October 20, 2021 are 2200 kyats of Euro, Singapore dollars 1380 kyats Malaysian ringgit 425 kyat 59 Thai Baht Chinese Yuan 2985 kyats; 16.80 Japanese yen.
According to the foreign exchange counters, foreign exchange counters started selling US dollars at around 2,000 kyats after the maximum gap between the selling price and the buying price of foreign currency was canceled.
Therefore, since September 12, foreign exchange counters have been selling US dollars at around 2,000 kyats.
The sale of foreign currencies released on August 8; purchase; In the process of exchange, CBM Reference was set at Mid-Rate, and the central bank announced that the selling price and the buying price should be within the framework of 0.8%.
In the short term, the foreign exchange rate will rise. The central bank opened a foreign exchange bidding process to reduce the large deficit and replenish foreign reserves.
The foreign exchange operations of the Central Bank of Myanmar in the short term are the increase in the foreign exchange rate. Comparing the exchange rate of the Burmese kyat and the US dollar on a business day to the previous day’s reference exchange rate to reduce the overhead; According to such a comparison, if the percentage of Myanmar Kyat depreciation exceeds the threshold according to the established regulations, open a competitive bid to sell foreign currency (US dollar). According to such a comparison, if the percentage of increase in value of Burmese kyat exceeds the threshold set by the established regulations, opening a competitive bid to buy foreign currency (dollars), and buying foreign currency between the highest exchange rate announced by the central bank and the lowest exchange rate presented by AD banks in the competitive auction. , Submissions for sale are purchased by the central bank using Refinitiv’s (formerly Thomson Reuters) auction trading system. Selling. Foreign exchange rate rise in the short term; To reduce the burden.
