THE Central Bank of Myanmar (CBM) sold US$1.185 million to edible oil-importing companies and over $481,400 to fuel oil-importing companies on 8 December, along with an injection of $120,000 into the market.
CBM sold $1.69 million to edible oil-importing companies on 5 December.
CBM sold over $902,900, purchased from CMP businesses, to edible oil-importing companies on 4 December.
CBM announced on 3 December that it would sell $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 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
