Myanmar has $8.13b in foreign reserves – and gold

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ShwedagonMyanmar has $8.13 billion in foreign exchange reserves plus 7.15 tonnes of gold, according to accounts as of October 29, said Khin Saw Oo, deputy governor of the Central Bank, according to Eleven Myanmar.

Speaking at a parliamentary session on November 12, Khin Saw Oo explained that Myanmar possesses two different accounts for the state’s foreign reserves, namely the foreign currency and gold accounts. Gold reserves are under the care of the Central Bank. Some foreign currency deposits, however, are held in cash by the Central Bank and the state-owned banks, while others are in foreign bank accounts. The amount of foreign reserves can change over time, the deputy governor added.

“The reason why we open accounts at the foreign banks is to facilitate convenient transactions involved in commercial activities such as trading, investing and borrowing with foreign countries,” Khin Saw Oo said.

The deputy governor provided the explanation to legislators at the request of parliament speaker Thura Shwe Mann, who summoned the Central Bank authority had requested an explanation on the state’s gold and foreign currency reserves during the parliamentary session on November 7.

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Reading Time: 1 minute

Myanmar has $8.13 billion in foreign exchange reserves plus 7.15 tonnes of gold, according to accounts as of October 29, said Khin Saw Oo, deputy governor of the Central Bank, according to Eleven Myanmar.

Reading Time: 1 minute

ShwedagonMyanmar has $8.13 billion in foreign exchange reserves plus 7.15 tonnes of gold, according to accounts as of October 29, said Khin Saw Oo, deputy governor of the Central Bank, according to Eleven Myanmar.

Speaking at a parliamentary session on November 12, Khin Saw Oo explained that Myanmar possesses two different accounts for the state’s foreign reserves, namely the foreign currency and gold accounts. Gold reserves are under the care of the Central Bank. Some foreign currency deposits, however, are held in cash by the Central Bank and the state-owned banks, while others are in foreign bank accounts. The amount of foreign reserves can change over time, the deputy governor added.

“The reason why we open accounts at the foreign banks is to facilitate convenient transactions involved in commercial activities such as trading, investing and borrowing with foreign countries,” Khin Saw Oo said.

The deputy governor provided the explanation to legislators at the request of parliament speaker Thura Shwe Mann, who summoned the Central Bank authority had requested an explanation on the state’s gold and foreign currency reserves during the parliamentary session on November 7.

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