CBM injects over US$2M into edible oil, fuel oil sector

THE Central Bank of Myanmar (CBM) sold over US$1.79 mil­lion to the edible oil-importing companies and over $353,900 to fuel oil-importing companies on 11 September.

 

CBM also injected over $372,000 into the market, after sales of over $241,000 to CMP companies and those who made non-trade payments.

 

CBM announced on 10 Sep­tember that it would sell $22 million to fuel oil entrepreneurs. CBM also sold over $1.17 million to edible oil-importing compa­nies on that day.

 

CBM sold $1.5 million to edible oil-importing compa­nies and over $350,000 to fuel oil-importing companies on 9 September.

 

Additionally, CBM injected $560,000 and 306,000 yuan into the financial market. CBM sold $11,350 to those who made non-trade payments on that day.

 

CBM over $2 million pur­chased from companies work­ing on a Cut, Make and Pack basis to edible oil-importing companies and over $464,400 to CMP companies and those who made non-trade payments on 8 August, in addition to an injection of 1.9 million yuan into the market.

 

CBM sold $2.15 million to edible oil-importing compa­nies and over $449,600 to fuel oil-importing companies on 5 September, in addition to an injection of 400,000 yuan into the market.

 

CBM sold over $2.3 million purchased from CMP compa­nies to edible oil-importing com­panies on 4 September.

 

Furthermore, it sold over $248,800 to CMP companies and those who made non-trade pay­ments on that day.

 

CBM sold over $1 mil­lion, 11 million yuan and four million baht in August. Fur­thermore, CBM also pumped over $32 million, purchased from the companies working on a Cut, Make and Pack ba­sis, 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