CBM to sell 5M yuan, 30M Thai baht for importers in coming week
September 29, 2024
The Central Bank of Myanmar (CBM) notified on 27 September that it would sell five million yuan and 30 million Thai baht to importers through the foreign exchange trading platform in the coming week.
CBM sold US$84,170 on 27 September, $40,000 on 26 September, over $12.8 million and 700,000 yuan on 25 September and $22.6 million on 23 September.
CBM also announced on 20 September that it would inject $30 million into the fuel oil sector. Then, it sold over $1.2 million and 800,000 yuan on 20 September.
CBM pumped over $8.5 million and two million baht on 19 September and over 3.2 million baht on 18 September into the financial market. According to the CBM’s notification dated 17 September, it would sell 10 million Thai baht to importers on 18 September.
It also injected US$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.
Moreover, CBM sold 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
