CBM sells over US$24,000 to CMP companies
THE Central Bank of Myanmar (CBM) sold over US$24,600 to CMP companies on 16 June.
CBM sold over $3.37 million to edible oil-importing companies and over $6,300 to CMP companies on 15 June, along with over $10,200 worth of non-trade transactions.
CBM sold over $1.62 million to edible oil-importing companies and $8,617 to CMP companies on 12 June, along with over $2,600 in non-trade transactions.
CBM has been injecting US dollars into the edible oil-importing companies, with $286,000 on 11 June, $1.38 million on 10 June, $2.6 million on 9 June, $3.6 million on 8 June, over $2.9 million on 4 June, over $2.89 million on 3 June, $1.79 million on 2 June and over $646,800 on 1 June, respectively.
CBM injects foreign currencies into the foreign exchange market and the edible oil and fuel oil import sector, with a view to curbing the instability in the foreign exchange market and currency devaluation and maintaining market stability. 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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