22 October 2024
According to the Central Bank of Myanmar (CBM)’s notification dated 20 October, it is set to sell US$35 million for those engaged in the fuel oil and edible oil sectors.
In the private sector, CBM injected US$6 million on 15 October, US$730,000 on 11 October, US$12.4 million on 10 October, 660,000 yuan on 9 October, and over 10 million baht on 7 October.
Furthermore, CBM pumped US$13.1 million and 288,000 yuan on 4 October, US$780,000, 1.2 million yuan and 1 million baht on 3 October, and over 1.2 million yuan and 10.2 million baht on 2 October into the financial market. CBM also sold over US$76 million, 86 million baht and 4.8 million yuan in September. Moreover, CBM sold over US$190 million, 19 million yuan and 79 million baht in August.
The CBM aims to reduce volatility in the foreign exchange market and prevent currency devaluation. In a notification issued on March 15, the CBM stated that it has been collaborating with law enforcement agencies to take action against individuals attempting to manipulate the currency market in accordance with existing laws. Starting from December 5, 2023, the CBM permitted authorized dealers, including private banks, to conduct online foreign exchange trading freely as per the market rate depending on supply and demand.
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