5 November 2024
The Central Bank of Myanmar (CBM) pumped over US$91 million, over 9.8 million yuan and over 610 million Thai baht into the financial market in October 2024.
CBM sold over $200,000 and over 700,000 yuan on 31 October, $9.5 million, 2.2 million yuan, and 156.6 million baht on 30 October, and $27,550 on 29 October. It announced the sale of five million yuan and 25 million baht on 28 October and sold US$20 million, over one million yuan, and 18 million baht on that day.
CBM injected $20 million, 800,00 yuan and 200,000 baht on 25 October and $100,000 and 8.2 million baht on 24 October into the financial market.
CBM sold over $2.5 million and 16.5 million baht after announcing upcoming sales of 20 million baht to importers on the foreign exchange trading platform on 23 October. On 22 October, it again injected over $7.5 million and about 150 million baht into the private sector after sales of 2.2 million and 1.5 million yuan on 21 October.
CBM announced that it would sell $35 million to those engaged in the fuel oil and edible oil sectors, as per its notification dated 20 October.
CBM injected $6 million and 200 million baht on 15 October, $730,000 on 11 October, $12.4 million and 38.7 million baht on 10 October, 660,000 yuan on 9 October and over 10 million baht on 7 October into the private sector.
CBM also pumped $13.1 million and 288,000 yuan on 4 October, $780,000, 1.2 million yuan and one million baht on 3 October and over 1.2 million yuan and 10.2 million baht into the financial market on 2 October.
CBM also sold over $76 million, 86 million baht and 4.8 million yuan in September. Over $190 million, 19 million yuan and 79 million baht were sold in August.
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 joining hands 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.
Ref:GNLM
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