State media reported that the Central Bank of Myanmar (CBM) sold USD 3 million from the state’s foreign reserves on 14 December, making the US dollar reach MMK 1,400 on December 15th in the local forex market. Coupled with the vaccine development and its early rollout in Western countries, brightening the global economic forecast and triggering high global demand for the dollar, the CBM sale helped push the FOREX to the bar of MMK 1,400 for the dollar.

The exchange rate had hit a low of MMK 1,282-1,315 in October this year while it had hit its all-time high in September 2018 at MMK 1,650.