THE Central Bank of Myanmar (CBM) sold over US$1.15 million to edible oil-importing companies on 17 September.
CBM announced on 16 September that it would pump $25 million into the fuel oil import sector.
In addition to the injection of $100,000 and over 566,400 yuan on that day, CBM sold over $1.6 million to edible oil-importing companies, $437,000 to fuel oil-importing companies and over $140,300 to those who made non-trade payments.
CBM sold $1.25 million to edible oil-importing companies on 15 September after sales of $1,488 million to CMP companies.
CBM sold over $2.76 million to the edible oil importing companies on 12 September, in addition to selling $30,000 to fuel oil importing companies and $83,805 to CMP companies and those who made non-trade payments.
CBM sold over $1.79 million to the edible oil-importing companies and over $353,900 to the fuel oil-importing companies on 11 September.
CBM also injected over $372,000 into the market, after sales of over $241,000 to CMP companies and those who made non-trade payments.
CBM sold over $1 million, 11 million yuan and four million baht in August. Furthermore, CBM also pumped over $32 million, purchased from the companies working on a Cut, Make, and Pack basis, into the financial market.
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
