Central Bank purchases record amounts of USD

State-media reported that the Central Bank of Myanmar (CBM) purchased record amounts of USD currency in September and October 2020, respectively USD 44.2 and 43 million, to try and maintain the MMK exchange rate as steady as possible.

“The instability in the exchange rate posed difficulties to stakeholders engaged in the agriculture and livestock supply chains including farmers, traders and exporters. That is why the stable exchange rate is of vital importance” said a CBM representative.

The USD has suffered from the international context amidst the Covid-19 pandemic, the China-US trade war and the uncertainty over the US elections.

This year, the USD/MMK FX rate started in the range of MMK 1,465-1,493 in January but underwent a steady decrease to MMK 1,282-1315 in October.

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