February 06
The Central Bank of Myanmar (CBM) injected US$11 million and 200 million Thai baht into the financial market on 5 February 2024.
The CBM sold $13 million on 1 February in the forex market and five million dollars and 50 million Thai baht on an online trading platform for the exporters/importers on 2 February, totalling $29 million and 250 million Thai baht within five days.
The reference exchange rate set by the CBM is K2,100 against a US dollar, while it was valued at approximately K3,500 at the over-the-counter market. The exchange rates are K99 per Thai baht and K490 per Chinese yuan.
The CBM sold $68.33 million, 313.5 million Thai baht and 4.2 million Chinese yuan in January 2024. It also injected $22.15 million into the fuel oil sector in December 2023.
The CBM allowed authorized dealers (private banks) to operate online forex trading freely as per the market rate, depending on supply and demand.
Additionally, the outward remittance procedures must comply with the rules and regulations specified by the Foreign Exchange Supervisory Committee. — NN/EM
