THE Central Bank of Myanmar (CBM) announced on 11 February that it would sell US$21 million to fuel oil importers and, shortly after, injected over $21.4 million and 500,000 baht into the markets on that day.
It sold $82,000, 220,000 yuan and one million baht into the financial market on 10 February, $23 million and 600,000 yuan on 7 February and over $150,000 and 214,830 yuan on 6 February.
CBM announced on 5 February that it would inject $23 million into the fuel oil sector. CBM sold $490,000 and 500,000 yuan on 5 February, over 105,900 yuan on 4 February and 500,000 yuan on 3 February. CBM pumped in $124M, 13.8M baht and 4.8M yuan into financial markets in January 2025.
CBM aims to curb the instability in the foreign exchange market and the currency devaluation. According to CBM’s notification on 15 March, it has been joining hands 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
