CBM announces sales of US$30M for fuel oil importers
September 21, 2024
The Central Bank of Myanmar (CBM) announced on 20 September that it would inject US$30 million into the fuel oil sector.
It sold over $8.5 million and two million Thai baht on 19 September and over 3.2 million baht on 18 September. It disclosed on 17 September the sale of 10 million baht for importers on 18 September.
It also injected $30,000 on 17 September, $5 million on 16 September, $230,000, over 1.5 million yuan and over 956,000 baht on 13 September into the financial market.
CBM announced on 12 September that it would pump $10 million into the fuel oil sector and $7 million into the edible oil sector through the foreign exchange trading platform. It sold $12.4 million and 80 million baht on 4 September, $90,0000 on 5 September and $100,000 on 6 September, respectively.
Following CBM’s notification dated 14 August about contribution of $100 million towards the fuel oil sector, it sold over $9.498 million at exchange rate of K3,400 on 15 August, over $89.975 million at exchange rate of K3,410 on 19 August, $31 million at exchange rate of K3,440 on 22 August, over $35 million at exchange rate of K3,460 on 26 August and $16.9 million at exchange rate of K3,472 on 28 August, respectively.
CBM announced on 9 August that it would sell $6 million, five million yuan and 10 million baht into the edible oil, fuel oil and pharmaceutical sectors through online foreign exchange trading platforms in the coming weeks.
CBM sold $5 million and five million yuan for the fuel oil, edible oil and pharmaceutical sectors on 2 August, after authorized banks sold 69 million baht and nine million yuan for those importing edible oil, fertilizer, pharmaceuticals and medical devices on 1 August through a foreign exchange trading platform.
Therefore, CBM injected over $190 million, 19 million yuan and 79 million baht in August.
CBM aims to curb the instability in the foreign exchange market and the currency devaluation. According to CBM’s notification on 15 March, it has been joining hands 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
