Myanmar has $8.13b in foreign reserves – and gold

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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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. 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...

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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