CBM selling US dollars to private banks in the country since 27 July

To stabilize the US dollar and Myanmar Kyat exchange rate, the Central Bank of Myanmar (CBM) has been selling US dollars to private banks in the country since 27 July, the according to CBM Foreign Exchange Management Department Director General Daw May Toe Win.

Starting from 27 July, CBM had been selling about 100,000 dollars daily to private banks, and to date had sold 800,000 dollars. CBM plans to increase the sale, it is learnt.

Despite these sales, the exchange rate continued to rise and on 6 August, the exchange rate was between Ks 1,457 and Ks1,464 to a dollar.

CBM is regularly monitoring the foreign currency market in order to prevent price manipulation that could destabilize the exchange rate. Furthermore, the reference exchange rate of CBM is mainly based on interbank market and CBM is striving toward making it nearest to the market exchange rate, said Director General Daw May Toe Win.

Khin Maung Htwe

Ref; The Global New Light of Myanmar