CBM to inject US$25M to fuel oil sector

THE Central Bank of Myan­mar (CBM) announced on 16 September that it would pump US$25 million into the fuel oil import sector.

In addition to injecting $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 to CMP com­panies.

CBM sold over $2.76 mil­lion to 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 edible oil-importing companies and over $353,900 to fuel oil-importing compa­nies on September 11.

 

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 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