THE Central Bank of Myanmar (CBM) sold over US$2.76 million to edible oil-importing companies on 12 September, in addition to selling $30,000 to fuel oil-importing companies and $83,805 to CMP companies and those who made non-trade payments.

CBM sold over $1.79 million to the edible oil-importing companies and over $353,900 to fuel oil-importing companies on 11 September.

CBM also injected over 372,000 yuan into the market, after sales of over $241,000 to CMP companies and those who made non-trade payments.

CBM announced on 10 September that it would sell $22 million to fuel oil entrepreneurs. CBM also sold over $1.17 million to edible oil-importing companies on that day.

CBM sold $1.5 million to edible oil-importing companies and over $350,000 to fuel oil-importing companies on 9 September.

Additionally, CBM injected $560,000 and 306,000 yuan into the financial market. CBM sold $11,350 to those who made nontrade payments on that day.

CBM over $2 million purchased from companies working on a Cut, Make, and Pack basis to edible oil-importing companies and over $464,400 to CMP companies and those who made non-trade payments on 8 August, in addition to an injection of 1.9 million yuan into the market.

CBM sold over $1 million, 11 million yuan and four million baht in August. Furthermore, CBM also pumped over $32 million, purchased from the companies working on a Cut, Make, and Pack basis, into the financial market.

CBM aims to curb the instability in the foreign exchange market and currency devaluation. According to CBM’s notification on 15 March 2024, it has been collaborating 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

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