CBM to inject over US$2M to edible oil, CMP sectors
THE Central Bank of Myanmar (CBM) sold over US$2.037 million to edible oil-importing companies and $11,535 to CMP companies on 12 May.
CBM also sold $2.17 million to edible oil-importing companies on 11 May. Additionally, CBM sold $1.3 million to edible oil-importing companies and over $334,400 to CMP companies on 8 May.
Next, CBM sold over $1.337 million to edible oil-importing companies, over $10,490 to CMP companies and $1 million to LNG-importing companies on 7 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
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