CBM to inject $20M into fuel oil sector
The Central Bank of Myanmar (CBM) announced on 30 January that it has planned to sell US$20 million to the fuel oil sector.
CBM injected $20 million on 24 January, 800,000 yuan on 21 January, 1.91 million baht on 20 January, $150,000 and 1.14 million yuan on 17 January, one million baht on 16 January, over $25.35 million and 369,000 yuan on 15 January and over $1,600 and 556,000 baht on 14 January into the financial market.
CBM announced on 13 January to sell $25 million to fuel oil importers soon after selling 600,000 yuan on that day. CBM injected $3.9 million on 11 January, 714,000 yuan on 10 January, $2.2 million on 9 January, $256,000 on 8 January again after sales of over $2.15 million on 7 January, $25 million and 2.8 million baht on 6 January, 510,000 yuan on 3 January, $25 million, over 670,000 yuan and 2.45 million baht on 2 January into the financial market.
CBM pumped $144 million, 321 million baht and over 12 million yuan in December 2024, over $59 million, over 280 million baht and 8.78 million yuan in November and over $91 million, over 610 million baht and 9.8 million yuan in October into the financial market.
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 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
