THE Central Bank of Myanmar (CBM) sold over 290,000 yuan and one million baht on 11 June. Moreover, CBM sold US$1.096 million that were bought from companies working on a Cutting, Making and Packaging basis through foreign exchange trading, to fuel oil importing companies on the same day.
CBM announced on 10 June that it would sell $32 million to fuel oil importers. CBM sold 600,000 yuan, 694,750 baht and over $730,440 from CMP companies to fuel oil importers on that day.
CBM pumped over 400,000 yuan on 9 June, over $501,000 on 6 June and 364,400 yuan on 5 June into the foreign exchange market.
CBM announced on 4 June that it would sell $30 million to fuel oil importers. CBM pumped $422,000, 345,850 yuan and over 2.1 million baht on that day into the foreign exchange market.
CBM injected over 600,000 yuan and 2.6 million baht on 3 June, 579,900 yuan and 4.7 million baht on 2 June, over 610,000 yuan and 2.4 million baht on 30 May, after the sale of 4.3 million baht on 28 May into the financial market.
CBM announced on 27 May that it would sell $30 million to fuel oil importers.
CBM aims to curb the instability in the foreign exchange market and 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
