THE Central Bank of Myanmar (CBM) sold US$300,000 to edible oil-importing companies and $170,000 to fuel oil importing companies on 24 September.
CBM announced on 23 September that it would pump $22 million into the fuel oil sector.
Moreover, CBM sold $800,000 to edible oil importing companies and over $99,000 to fuel oil importing companies in addition to an injection of over 8,500 yuan into the market on that day.
CBM injected over $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 million, 11 million yuan and four million baht in August. Furthermore, CBM also pumped over $32 million, purchased from the companies working on a Cutting-Making and Packaging 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
