January 03

The Central Bank of Myanmar (CBM) announced on 31 December that it would sell 10 million yuan to importers and US$23 million to those engaged in the fuel oil sector.

CBM sold over $903,100 to edible oil-importing companies and over $331,000 to fuel oil-importing companies on that day, along with an injection of 49,200 baht into the market.

CBM sold over $2.65 million to edible oil-importing companies and $4 million to fuel oil-importing companies on 30 January.

CBM sold over $2.3 million to edible oil-importing companies and over $464,000 to fuel oil-importing companies on 29 December.

CBM made an injection of over $21 million, 2.4 million yuan and 1.5 million baht in 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