HomeBusinessCentral Bank Sells Millions of Dollars for the 3rd Time in 2022

Central Bank Sells Millions of Dollars for the 3rd Time in 2022

The Central Bank of Myanmar sold $10 million on January 13 at the rate of MMK1,778 per dollar.

This is the third time that the Central Bank of Myanmar sells millions of dollars in January alone. The first time was $15 million sold on January 7 and another $15 million on January 12.

The Central Bank of Myanmar has been pumping millions of dollars into the domestic market since last year as the dollar exchange rate against Myanmar Kyats skyrocketed reaching over MMK2,000 per dollar.

In early September last year, it also scraped the reference rate, which allowed dealers to trade dollars 0.08 % above or below the reference rate and allowed floating exchange rates.

Then on November 9 in 2021, the Central Bank of Myanmar tightened the dollar exchange rate to between 0.5% of its reference rate. Afterward, the dollar rate against Myanmar Kyat eased to MMK 1,778 per dollar and remains around MMK 1,800.

 

- Advertisment -spot_img

Must Read

Central Bank Sells Millions of Dollars for the 3rd Time in...

The Central Bank of Myanmar sold $10 million on January 13 at the rate of MMK1,778 per dollar. This is the third time that the...
spot_img