THE Central Bank of Myanmar (CBM) sold over US$2.1 million to edible oil-importing companies on 10 March, along with an injection of over $450,000 and 6.7 million baht into the market.
CBM has constantly injected large amounts of US dollars into the edible oil sector on 3 to 9 March, with $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 $1 million on 3 March.
Additionally, CBM pumped over two million baht on 9 April and $220,000, 300,000 yuan and over five million baht on 6 March into the foreign exchange market, respectively.
CBM announced on 5 March that it would sell $32 million to fuel oil businesses. Furthermore, CBM pumped $580,000 and 2.4 million baht on 5 March and over 5.6 million baht into the forex market on 4 March. CBM injected $1 million into the fuel oil import sector on 3 March, along with selling over 470,990 yuan and over 631,800 baht in the foreign exchange 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
