THE Central Bank of Myanmar (CBM) injected over $24 million, 160 million baht and 400,000 yuan into the financial market in the week ending 7 March.
CBM sold $335,000 and 1.98 million baht on 7 March and over $130,000 on 6 March.
CBM announced on 5 March that it would sell 50 million baht to importers soon. Later, it sold over eight million baht on that day.
CBM announced the sale of $23 million and 150 million baht on 3 March for fuel oil importers. It injected that amount of foreign currencies into the fuel oil sector on 4 March. It sold $550,000, 400,000 yuan and 638,550 baht on 3 March.
CBM pumped over $88 million, 7.5 million yuan and 161 million baht in February and over $124 million, 13.8 million baht and over 4.8 million yuan in January. 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 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
