CBM injects US$5.5M to forex market on 25 May

THE Central Bank of Myanmar (CBM) sold over US$3.03 million to edible oil-importing compa­nies, $2.5 million to LNG-im­porting companies and $34,474 million to CMP companies on 25 May, in addition to $4,930 worth of non-trade transactions.

CBM injected $1.9 million, purchased from companies working on a Cut, Make and Pack basis, into edible oil im­porting companies on 22 May.

CBM sold over $2.33 million to edible oil-importing compa­nies, $1.5 million to LNG com­panies and $16,603 to CMP com­panies on 21 May. Furthermore, CBM also made over $353,000 worth of non-trade transactions on the same day.

CBM announced on 20 May that it would sell $81 million to fuel oil businesses. CBM in­jected over $2.067 million into edible oil-importing companies and $4,000 to CMP companies on that day, in addition to $22,984 worth of non-trade transactions.

CBM pumped over $1.45 million into edible oil-import­ing companies and over $518,800 to CMP companies, along with $518,830 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 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