THE Central Bank of Myanmar (CBM) sold US$500,000 pur­chased from CMP companies to edible oil-importing companies on 9 December.

CBM sold $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 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 bought 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