THE Central Bank of Myanmar (CBM) announced on 3 December that it would sell US$30 million to those engaged in fuel oil businesses. Furthermore, CBM sold over $1.736 million to edible oil-importing companies on the same day.
CBM sold over $1.45 million, purchased from CMP companies, to edible oil-importing companies on 2 December after sales of $1.28 million on 1 December.
CBM made an injection of over $21 million, 2.4 million yuan and 1.5 million baht in November.
CBM sold over $2.2 million to edible oil-importing companies again on 28 November after sales of $1.3 million on 27 November.
Furthermore, CBM injected $2.3 million purchased from CMP companies into the edible oil import sector on 26 November.
CBM injected over $2.48 million, 5.75 million yuan and 4.98 million baht in October, along with sales of over $54 million purchased from CMP companies. CBM aims to curb the instability in the foreign exchange market and currency devaluation. According to CBM’s notification on 15 March 2024, it has been collaborating with law enforcement agencies to combat and prosecute those who attempt to manipulate the currency market under the existing laws. CBM allowed authorized dealers (private banks) to operate online foreign exchange trading freely as per the market rate, depending on supply and demand, starting from 5 December 2023. — NN/ KK
