THE Central Bank of Myanmar (CBM) sold US$800,000 to edible oil importing companies on 10 November, in addition to an injection of 300,000 yuan in the market.
CBM announced on 8 November that it would inject $30 million into the fuel oil sector. Furthermore, CBM sold $698,900 to edible oil-importing companies on that day.
CBM also sold $600,000, purchased from CMP companies, to edible oil-importing companies on 7 November.
CBM sold $2.37 million to edible oil-importing companies on 6 November, along with an injection of $58,400 and 400,000 yuan into the market.
CBM sold $2.44 million, purchased from CMP companies, to edible oil-importing companies on 5 November, in addition to an injection of over 1.544 million baht into the market.
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
