28 December 2024
According to a statement issued by the Central Bank of Myanmar(CBM) on December 27 (yesterday), it sold 4.25 million dollars, 1.332 Thai baht, and over 440,000 Chinese yuan to importers.
Due to the upcoming New Year’s office closures and the increased demand for foreign currency during December, the Central Bank has been continuously selling dollars, Thai baht, and Chinese yuan to prevent a rise in exchange rates in the foreign exchange market.
From December 2 to 27, the Central Bank sold 143.25 million dollars, 321.871 million Thai baht, and 10.978 million Chinese yuan during these four weeks.
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 joining 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.
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