THE Central Bank of Myanmar (CBM) sold over US$3.3 million to edible oil-importing companies and over $21,228 to CMP companies on 1 July.
CBM injected $836,800 to edible oil-importing companies and over $14,700 to CMP companies on 30 June, $287,300 to edible oil-importing companies and $122,000 to CMP companies on 29 June, and over $379,500 to edible oil-importing companies and $952 to CMP companies on 25 June.
The Central Bank of Myanmar (CBM) injected foreign currencies into the foreign exchange market and the edible oil and fuel import sectors. The move aims to curb currency devaluation and stabilize volatile exchange rates. 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
