CBM to sell US$35M to fuel oil importers

The Central Bank of Myanmar (CBM) announced on 16 November the sale of US$35 million to fuel oil importers on 16 November.
CBM injected $400,000 into the financial market on 14 November. It sold 14.5 million baht on 12 November, after announcing to sell 15 million baht to importers on 11 November.
It sold over 800,000 yuan on 11 November, over 2.17 million yuan and $3,000 again on 8 November after sales of over 21.6 million baht, two million yuan and over $3,300 on 7 November and about $9,000, 490,000 yuan and 1.2 million baht on 6 November.
It announced on 5 November the sale of seven million yuan and 20 million baht to importers on foreign exchange trading platforms. CBM sold $15 million, 1.5 million yuan and 100.8 million baht on 4 November.
CBM injected over $91 million, over 9.8 million yuan and over 610 million baht into the financial market in October 2024. CBM also sold over $76 million, 86 million baht and 4.8 million yuan in September. 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