The National Bank of Myanmar released information stating that on July 10, US$5 million was sold to importers and exporters through the Fx Trading Platform.
In order to ensure the stability of foreign currency exchange rates and ensure that there is no exchange rate speculation, the central bank allows importers and exporters to sell US dollars through the Fx Trading Paltform.
Since the beginning of July, the external U.S. dollar exchange rate has risen. After rising to more than 4,600 kyats per U.S. dollar, it rose further. It once rose to more than 4,900 kyats per U.S. dollar. On July 15, it fell back to about 4,800 kyats per U.S. dollar.
On July 4, when the foreign currency exchange rate rose in the external exchange rate market, information released by the central bank showed that it had sold US$5.4 million to importers of edible oil, pharmaceuticals, and fertilizers.
We learned from the central bank that in July, U.S. dollars were continuously sold to importers and exporters through the Online Trading Platform. From July 1 to July 3, U.S. dollars were sold twice.
The central bank stated that through various channels such as the Online Trading Platform and other foreign currency financial markets, the sale of foreign currencies with kyat mortgages will be available to importers of daily consumables and pharmaceuticals, electricity, agriculture and communications, as well as fuel importers to sell US dollars, renminbi and Thai baht.
In addition, through the Online Trading Platform, foreign currencies were sold 15 times in 5 months, totaling USD 41 million, RMB 31.5 million, and Thai Baht 236 million. Now through Fx Trading Platform, USD is sold to importers and exporters.
