THE Central Bank of Myanmar (CBM) announced on 18 March that it would sell US$34 million to those engaged in the fuel oil industry.
CBM sold over $1.84 million to edible oil-importing companies on that day, along with sales of $151,000 and over five million baht into the market.
In addition to an injection of large amount of foreign currencies (yuan, dollar, baht) into the foreign exchange market, CBM has been constantly injecting large amount of US dollars to the edible oil sector, with $1.55 on 17 March, $2.38 million on 16 March, $1.98 million on 13 March, $1.85 million on 12 March, over one million dollars on 11 March, $2.1 million on 10 March, $1.97 million on 9 March, $1.96 million on 6 March, $2.65 million on 5 March, over $1.24 million on 4 March and one million dollars on 3 March to the edible oil sector respectively. Additionally, CBM injected one million dollars into the fuel oil import sector on 3 March.
CBM injected forex into the market, with a view to curbing 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
