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Asia News

Myanmar central bank buys 51 million USD since January

Source: The Myanmar Times    Time:2020-02-14 15:31:20
Aung Khant/The Myanmar Times

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.

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