CBM to inject US$17M into fuel oil, edible oil sectors
The Central Bank of Myanmar (CBM) will pump US$10 million into fuel oil and $7 million into the edible oil sector through the foreign exchange trading platform, totalling $17 million, announced on 12 September 2024.
CBM sold US$12.59 million and 80 million Thai baht in three days (4-6 September).
Following CBM’s notification dated 14 August about the contribution of $100 million towards the fuel oil sector, it sold over $9.498 million at an exchange rate of K3,400 on 15 August, over $89.975 million at an exchange rate of K3,410 on 19 August, $31 million at an exchange rate of K3,440 on 22 August, over $35 million at an exchange rate of K3,460 on 26 August and $16.9 million at an 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 in 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 fuel oil, edible oil and pharmaceutical sectors on 2 August, after selling 69 million baht and nine million yuan for those importing edible oil, fertilizer, pharmaceuticals and medical devices on 1 August.
Therefore, CBM injected over $190 million, 19 million yuan and 79 million baht in August.
This move is 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