CBM sells US$2.2M to edible oil importers

THE Central Bank of Myanmar (CBM) sold over US$2.2 million to edible oil-importing compa­nies again on 28 November af­ter sales of $1.3 million on 27 November.

 

Furthermore, CBM inject­ed $2.3 million purchased from CMP companies into the edible oil import sector on 26 Novem­ber.

 

CBM announced on 25 No­vember that it would sell $28 million to fuel oil-importing companies. CBM also sold $1.46 million to edible oil-importing companies and over $545,000 to fuel oil-importing companies on that day.

 

CBM sold $761,460, pur­chased from CMP compa­nies, to edible oil-importing companies on 24 November, in addition to an injection of 415,800 yuan into the market. CBM sold over $583,600 to edible oil-importing companies on 20 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