27 August 2024
Although 142 million dollars were sold in this month of August, the dollar price has only dropped to 5850 kyats per dollar. So, more than 35 million dollars were sold at 3,460 dollars to further reduce the dollar’s price, according to the figures of the Central Bank of Myanmar released on August 26.
After the Central Bank announced that it would provide 100 million dollars for fuel importers, 9.489 million dollars were sold on August 15, and $89.975 million and $31 million were sold on August 19 for a total of $131 million by the Central Bank at around 3,400 kyat per dollar.
From 1st to 26th August, although 177 million dollars, 19 million Chinese yuan, and 79 million Thai baht were sold, including more than $35 million, the dollar price fell only slightly when foreign currency was sold. When it was not sold, the price was raised enormously. In August, the dollar even rose to over 7,000 kyats.
Although 142 million dollars were sold in August, the dollar’s price did not fall back to around 4,500 kyat per dollar, which occurred in early July. Yesterday, more than 35 million dollars were sold again, so the dollar fell back to 5,600 kyats.
There is no such decrease because dollar sellers will no longer sell dollars at market prices if one dollar falls below 6,000 kyats. According to people who buy and sell dollars, there are situations where people who need dollars must raise the price above the market price.
#CBM mtnewsagency #NewsUpdate
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