CBM continues dollar injection into fuel-importing companies

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  • CBM continues dollar injection into fuel-importing companies

The Central Bank of Myanmar (CBM) made over 4.1million baht transactions in the forex market on 31 March. CBM injected US$2 million into fuel oil-importing companies on that day, after selling $2.3 million to fuel oil-importing companies on 30 March, in addition to the injection of over one million baht in the foreign exchange market.
CBM intervened in the market by injecting $400,000 to edible oil-importing companies and three million dollar to fuel oil importing companies on 26 March, in addition to selling 4.4 million baht in the market.
CBM announced on 25 March that it would inject $26 million to fuel oil-importing businesses. Furthermore, CBM sold $1 million to edible oil-importing companies and $289,300 to fuel oil-importing companies, along with an injection of 2.2 million baht.
Furthermore, CBM sold over $1 million to edible oil-importing companies and $3 million to fuel oil-importing companies on 24 March, in addition to sales of 5.678 million baht in the foreign exchange market. CBM also made a $45 million injection into the fuel oil import sector on 23 March to increase oil imports.
CBM’s report showed a transaction of 50 million baht on the foreign exchange trading platform to importers to meet the market’s needs, along with selling 2.424 million baht in the market. CBM also sold $1.339 million to fuel oil-importing companies on that day.
CBM sold $1.5 million to edible oil-importing companies and $1.16 million to fuel oil-importing companies on 20 March, along with an injection of 3.37 million baht into the market.
In addition to the injection of large amounts of foreign currencies (yuan, dollar, baht) into the foreign exchange market, CBM has been injecting US dollars to stabilize the foreign exchange market and calm the oil prices.
CBM injected foreign currencies 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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