THE Central Bank of Myanmar (CBM) sold US$2.15 million to edible oil-importing companies and over $449,600 to fuel oil-importing companies on 5 September, in addition to an injection of 400,000 yuan into the market.
CBM sold over $462,900 to CMP companies and those who made non-trade payments on that day. CBM sold over $2.3 million purchased from companies working on a Cut, Make and Pack basis, to edible oil-importing companies on 4 September.
Furthermore, it sold over $248,800 to CMP companies and those who made non-trade payments on that day.
CBM announced on 3 September that it would inject $30 million into fuel oil sector.
Moreover, CBM sold over $1.8 million to edible oil-importing companies and over $32,755 to those who made non-trade payments on that day.
CBM pumped over $1.075 million into the edible oil-importing companies on 2 September after sales of over $669,000 to CMP companies and those who made non-trade payments.
CBM sold over $1.6 million to fuel oil-importing companies and over $128,000 to fuel oil-importing companies on 1 September through foreign reserve purchased from the companies working on a Cut, Make and Pack basis. Furthermore, CBM injected 800,000 yuan and 300,000 baht into the financial market. CBM also sold over $24,700 to the 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
