CBM injects over US$2.3M into forex market

THE Central Bank of My­anmar (CBM) pumped over US$1.45 million into edible oil-importing companies and over $518,800 to CMP compa­nies, along with over $350,300 worth of non-trade transac­tions on 19 May.

CBM sold over $2.34 mil­lion to edible oil-importing companies and over $30,170 to CMP companies on 18 May.

CBM sold over $1.8 million to edible oil-importing compa­nies and $5,000 to companies working on a Cut, Make and Pack basis on 15 May.

CBM sold over $3.26 mil­lion to edible oil-importing companies, over $10,470 to CMP companies and $2 million to LNG-importing companies on 14 May.

CBM sold $1.8 million to edible oil-importing companies and $137,260 to CMP compa­nies on 13 May.

CBM over $2.037 million to edible oil-importing companies and $11,535 to CMP companies on 12 May.

CBM injected foreign cur­rencies into the market, with a view to curbing 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