THE Central Bank of Myanmar (CBM) will sell five million yuan and 30 million Thai baht for importers and exporters through online trading platforms on 2 May 2024.

CBM injected US$3 million, two million yuan and 54 million Thai baht into the financial market in April. It also sold $18 million, 12 million yuan and 312 million Thai baht in March, $77.38 million and 850 million Thai baht in February and $68.33 million, 313.5 million Thai baht and 4.2 million yuan in January 2024.

The reference exchange rate set by CBM is K2,100 against a US dollar, while it peaked at some K3,970 at the over-the-counter market at present. The exchange rates currently stand at K106 for a Thai baht and K538 for a yuan.

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.

Additionally, the outward remittance procedures must adhere to the rules and regulations specified by the Foreign Exchange Supervisory Committee.

NN/EM

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