Central Bank of Myanmar (CBM) purchase over USD $ 50 million in the auction market up since January

The Central Bank of Myanmar (CBM) purchased over US$50 million in the auction market up since the start of the year to keep the exchange rate stable. According to the CBM, it started buying US dollars on January 3 scooping up a total of US$36.5 million during the month.

Between February 1 and 13, the CBM purchased a further US$15 million, at the auction average exchange rate of K1,452 per dollar, taking the total amount of dollars taken off the market to US$51.5 million.  

Although the CBM has been buying US dollars regularly since 2019, the volume is still low compared to the foreign currency traded in the local market, said economist U Soe Tun – Translated

(The Myanmar Times: https://www.mmtimes.com/news/myanmar-central-bank-buys-51-million-january.html )

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