CBM to sell $32M fuel oil importers on 19 Aug
THE Central Bank of Myanmar (CBM)
announced on 19 August that it would sell US$32 million to fuel oil importers.
Additionally, CBM sold $314,375 to
edible oil-importing companies and $36,550 to those who made non-trade
payments, in addition to an injection of $337,500 into the financial market on
that day.
CBM sold $700,800 to edible
oil-importing companies and over $429,200 to fuel oil-importing companies on 18
August, in addition to an injection of 579,910 yuan into the financial market.
Additionally, CBM sold over $429,260 to
CMP companies and those who made non-trade payments on that day.
CBM sold $1.16 million to edible
oil-importing companies and over $76,600 to CMP companies and those who made
non-trade payments on 15 August, in addition to an injection of $244.000 into
the financial market.
CBM pumped $1 million and over 1.27
million yuan into the financial market on 14 August.
Furthermore, CBM sold over $1.88 million
to edible oil-importing companies and over $220,900 to CMP companies and those
who made non-trade payments on the same day.
CBM announced on 13 August that it would
sell $32 million to those engaged in the fuel oil sector after sales of 300,000
yuan. CBM sold over $1.55 million to edible oil-importing companies and over
$128,200 to CMP companies and individuals who made non-trade payments on that
day.
CBM injected $1.3 million into edible
oil-importing companies and over $467,000 into CMP companies and those who made
non-trade payments after sales of over 1.97 million yuan on 12 August.
Importers of refined sugar, plastic, fertilizers, pharmaceutical and medical
equipment, electrical devices, industrial raw materials, construction materials,
auto parts, telecommunication devices, trailers, feedstuffs, paint, tar and
food commodities also purchased foreign currencies through the foreign exchange
market online trading platform.
CBM sold $36.5 million purchased from
companies working on a Cut, Make and Pack basis, in addition to the injection
of $8.8 million, 13.3 million baht, 10.5 million yuan and 500,000 rupees in
July. Furthermore, CBM sold over $2.3 million to other commodities-importing
companies as per its initial announcement of selling $10 million. CBM sold $8.4
million, 13.9 million baht and 5.2 million yuan in June 2025, in addition to
the injection of $14.9 million that was purchased from the CMP enterprises into
the financial market.
CBM aims to curb 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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