THE automobile and motorcycle spareparts sector accounted for the largest share of foreigncurrency purchases on the Central Bank’s FX Online Trading Platform on 26 August,
The sector’s share stood at 47 per cent of total foreign exchange buying, followed by other goods and nontrade transactions at 29 per cent, medicines and pharmaceutical raw materials at nine per cent, industrial raw materials, fertilizers and electronic goods at three per cent each, fuel oil at two per cent, consumer goods, construction materials, agricultural inputs, and animal feed and supplies at one per cent each. The market exchange rates on that day were K3,658 per US dollar, K557 for Chinese yuan, K125.3 for Thai baht and K43.6 for Indian rupee.
The central bank also noted that proceeds from the CMP sector were channelled back to the CMP sector through the platform.
The strong demand for foreign currency in the autoparts sector is linked to the growing popularity of electric vehicles (EVs) such as BYD, Geely, and Toyota bz4X, driving demand for EV spare parts and battery accessories. — TWA/KK
#TheGlobalNewLightOfMyanmar