CBM sells over US$1.15M to edible oil importers

THE Central Bank of Myanmar (CBM) sold over US$1.15 million to edible oil-importing compa­nies on 17 September.

 

CBM announced on 16 Sep­tember that it would pump $25 million into the fuel oil import sector.

 

In addition to the injection of $100,000 and over 566,400 yuan on that day, CBM sold over $1.6 million to edible oil-import­ing companies, $437,000 to fuel oil-importing companies and over $140,300 to those who made non-trade payments.

 

CBM sold $1.25 million to edible oil-importing companies on 15 September after sales of $1,488 million to CMP companies.

 

CBM sold over $2.76 million to the edible oil importing com­panies on 12 September, in ad­dition to selling $30,000 to fuel oil importing companies and $83,805 to CMP companies and those who made non-trade payments.

 

CBM sold over $1.79 million to the edible oil-importing com­panies and over $353,900 to the 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 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