THE Central Bank of Myanmar (CBM) injected over US$1.7 million into edible oil-and fuel oil-importing companies on 22 September, selling over $1.29 million to edible oil-importing companies and over $452,500 to fuel oil-importing companies.
CBM pumped 758,400 yuan and over $500,000 into the financial market on 19 September.
Those US dollar injections went to edible oil-importing companies (over $368,100), fuel oil-importing companies (over $79,000) and those who made non-trade payments (over $58,000).
CBM sold over $1.15 million to edible oil-importing companies and $540,056 to fuel oil-importing companies on 18 September.
CBM sold over $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 an 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 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
