CBM to inject US$30M to fuel oil sector

THE Central Bank of Myanmar (CBM) announced on 3 Decem­ber that it would sell US$30 mil­lion to those engaged in fuel oil businesses. Furthermore, CBM sold over $1.736 million to edible oil-importing companies on the same day.

 

CBM sold over $1.45 million, purchased from CMP compa­nies, to edible oil-importing com­panies on 2 December after sales of $1.28 million on 1 December.

 

CBM made an injection of over $21 million, 2.4 million yuan and 1.5 million baht in November.

 

CBM sold over $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 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