CBM sells $2.38M to edible oil importers

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  • CBM sells $2.38M to edible oil importers

The Central Bank of Myanmar (CBM) sold over US$2.38 million to edible oil-importing companies on 16 March, along with an injection of 1.15 million baht into the forex market.
CBM also injected around 1.49 million baht into the foreign exchange market on 13 March. Additionally, CBM sold over $1.98 million to edible oil-importing companies on the same day.
Furthermore, CBM sold $1.85 million to edible oil-importing companies on 12 March, in addition to $1.56 million and a 1.4-million-baht injection into the market.
CBM has been constantly injecting large amount of US dollars to the edible oil sector, with over $1 million on 11 March, $2.1 million on 10 March, $1.97 million on 9 March, $1.96 million on 6 March, $2.65 million on 5 March, over $1.24 million on 4 March and $1 million on 3 March to the edible oil sector, respectively.
CBM injected forex into the market, with a view to curbing the instability in the foreign exchange market and currency devaluation. According to CBM’s notification on 15 March 2024, 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

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