CBM pumps $1.8M into edible oil, fuel oil sectors on 9 Sep

THE Central Bank of Myanmar (CBM) sold US$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 non-trade payments as well 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 $2.15 million to edible oil-importing companies and over $449,600 to fuel oil-importing companies on 5 September, in addition to an injection of 400,000 yuan into the market.

CBM sold over $2.3 million purchased from CMP companies to edible oil-importing companies on 4 September.

Furthermore, it sold over $248,800 to CMP companies and those who made non-trade payments on that day.

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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