CBM to inject US$22M into fuel oil sector
THE Central Bank of Myanmar (CBM)
announced on 10 September that it would sell US$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 as well 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
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