THE Central Bank of Myanmar (CBM) announced on 3 March that it will inject $23 million and 150 million baht into the fuel oil sector.
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, over 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
