CBM sells over US$760K to edible oil importers
THE Central Bank of Myanmar (CBM) sold US$761,460, purchased from CMP companies, to edible oil-importing companies on 24 November, in addition to the injection of 415,800 yuan into the market.
CBM sold over $583,600 to edible oil-importing companies on 20 November.
CBM sold over $1.425 million, purchased from CMP companies, to edible oil-importing companies on 18 November.
CBM sold 300,000 yuan to importers of herbicide, fertilizer, tar, pharmaceuticals and raw materials, industrial raw materials, construction materials, auto parts and accessories of motorcycle, telecommunication equipment, feedstuffs, packaging materials, steel, consumer goods and food commodities on 17 November.
CBM injected over $2.48 million, 5.75 million yuan and 4.98 million baht in October, along with sales of over $54 million purchased from CMP companies.
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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