Mizzima-Nov 13
The Central Bank of Myanmar (CBM) has been selling foreign currencies for importers and exporters since April, selling one billion dollars in the seven months up to October During three months from 1 August to 5 November 2024, the CBM sold over US$256 million, 1.075 million Thai Baht, and over 53 million Chinese Yuan, official figures indicate. Economists say that although dollars were sold in this way, prices within the country are still rising and there has been no impact on businesses. Meanwhile people are still facing hardships.
The CBM sold foreign exchange to importers of fuel oil and cooking oil through their online trading platform.The junta, in desperate need of foreign exchange, tightened export and import policies and issued their latest foreign exchange regulation in August this year. The regulation mandated that all exporters to exchange 25% of their export earnings at the junta’s fixed exchange rate.
However, the US dollar exchange rate has risen every year in the open market since the 2021 military coup. It reached a record-high of 7,000 Kyats against the dollar in August this year. After the CBM sold millions of US dollars in foreign exchange in the market since August, the exchange rate fell and stabilised at the present rate of around 4,500 Kyats against the dollar. The Central Bank of Myanmar announced on 5 November that it would sell seven million yuan and 20 million Thai baht to importers on foreign exchange trading platforms. The CBM sold US$15 million, 1.5 million yuan and 100.8 million Thai baht on 4 November, the state-run daily paper reported on 7 November. Read more at:
