16 August 2024
According to the Central Bank of Myanmar (CBM)’s notification issued on 14 August, it planned to sell US$100 million to the fuel oil sector. In the coming weeks, CBM will sell $6 million, 5 million yuan, and 10 million baht through online forex trading platforms to the edible oil, fuel oil, and pharmaceutical sectors.
On 2 August, CBM sold $5 million and 5 million yuan for fuel oil, edible oil, pharmaceuticals, and medical devices, after selling 69 million baht and 9 million yuan for edible oil importers on 1 August. During July, CBM sold $15.4 million and 5 million yuan into the foreign exchange market to curb instability and stop currency devaluation.
Starting from 5 December 2023, CBM allows authorized dealers (private banks) to trade foreign exchange online at market rates based on supply and demand.
