On May 20, 2022, the world dollar price index was around 102 points, and the foreign exchange rate was around 1,855 kyats per dollar, according to foreign currency dealers.
On September 29, 2021, the foreign exchange rate reached a record high of around 2,700 kyat per dollar.
The exchange rates of other foreign currencies in the domestic market on May 2, 2022 are 214,000 kyats, Singapore dollar 1495 kyat Malaysian ringgit 460 kyats Thai baht 60.70 17.5 Japanese yen Chinese yuan 317 kyats.
The sale of foreign currencies announced on August 8; The Central Bank of Myanmar announced that the CBM Reference Rate for purchase and exchange should be set at the Mid-Rate, and the selling price and buying price should be kept within the framework of 0.8%.
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 US dollar on a working day to the previous day’s reference exchange rate to reduce the large cost; According to such a comparison, if the percentage of Myanmar kyat depreciation exceeds the threshold set by the regulations, open a competitive auction to sell foreign currency (US dollar), if the percentage increase in Myanmar kyat exceeds the threshold, open a competitive auction to buy foreign currency (US dollar) according to the established regulations. If the percentage exceeds the threshold according to the established regulations, opening a competitive bid to buy foreign currency (dollars), to buy foreign currency presented by AD banks between the highest exchange rate announced by the central bank and the lowest exchange rate announced by the central bank 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 big cost.
From February 2021 to the end of December, the Central Bank of Myanmar sold 443.8 million dollars in foreign currency auctions, according to the statistics released by the Central Bank of Myanmar.
Rules for competitive bidding by the Central Bank of Myanmar; Instructions have been established and the rules, In accordance with the instructions, three state-owned banks, which are banks that have an Authorized Dealer – AD business license to trade foreign currencies, participate in the foreign currency bidding auction. Buying foreign currency with 19 local private banks and 13 branches of foreign banks; Sales are carried out.