Myanmar has 7.15 tonnes of gold and $10.12 billion in foreign reserves

Myanmar has 7.15 tonnes of gold and $10.12 billion in foreign reserves

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Khin Saw Oo, Deputy Governor of the Central Bank, provides an update on Myanmar’s foreign exchange reserves during the parliamentary session.

NAY PYI TAW, Myanmar - Myanmar has 7.15 tonnes of gold and US$ 8.13 billion (S$10.12 billion) in foreign exchange reserves, according to accounts as of October 29, said Khin Saw Oo, deputy governor of the Central Bank.

Speaking at the parliamentary session on Tuesday, 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 after MP Banyar Aung Moe (No. 7 Constituency, Mon State) had requested an explanation of the state's gold and foreign currency reserves during the parliamentary session on November 7.

At the end of Khin Saw Oo's appearance, the Speaker said that parliament had recorded the state's gold and foreign currency accounts.

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