CBM to pump US$28M into fuel oil sector
THE Central Bank of Myanmar (CBM) announced on 25 November that it would sell US$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
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