10 December 2024
The Central Bank of Myanmar (CBM) sold all three currencies, the US dollar, Thai baht, and Chinese yuan, a second time simultaneously during the first week of December when imports were high. According to figures released by the Central Bank of Myanmar on December 6, demand for foreign currency is high due to the New Year holidays.
On December 2, the Central Bank sold $38 million, 107.466 million Thai baht, and 1.487 million Chinese yuan to importers through the FX Market Online Trading Platform, marking the first time that the dollar, Thai baht, and Chinese yuan were sold simultaneously in one day.
Then, 1.437 million yuan was sold on December 3, 1.485 million on December 4, and 1.552 million on December 5. From December 2 to 5, Chinese yuan was sold for four consecutive days, totalling 5.961 million yuan.
In addition to this sale, on December 6, the government also sold all three currencies simultaneously in one day, the dollar, Thai baht, and Chinese yuan, for the second time, with 15 million dollars, 200 million Thai baht, and 1.047 million Chinese yuan.
The Central Bank has been selling all three currencies in large quantities to avoid a shortage of dollars, Thai baht, and Chinese yuan, which are essential for importers in December when imports are usually high. In the first week of December, $53 million, Thai baht 307.466 million, and Chinese yuan 7.008 million were sold.
Due to the Central Bank’s continuous sale of foreign currency, the foreign exchange rate is stable today at 4,450 kyats per dollar, 132 kyats per Thai baht, and 616 kyats per Chinese yuan.
#CBM #foreign currency # FX Market
