The Central Bank of Myanmar (CBM) sold US$5 million for exporters and importers through online trading platforms on 9 May, again after sales of 2.5 million yuan on 7 May and five million yuan and 30 million Thai baht on 2 May.
CBM injected $3 million, two million yuan and 54 million baht into the financial market in April. It also sold $18 million, 12 million yuan and 312 million baht in March, $77.38 million and 850 million baht in February and $68.33 million, 313.5 million baht and 4.2 million yuan in January 2024, with a view to curbing the instability in the foreign exchange market and stopping 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.
The reference exchange rate set by Central Bank of Myanmar is K2,100 against a US dollar.
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.
Additionally, the outward remittance procedures must adhere to the rules and regulations stipulated by the Foreign Exchange Supervisory Committee. — NN/EM
