The Central Bank of Myanmar (CBM) sold over one million baht to edible oil importing companies and three million baht to fuel oil importing companies on 24 March, in addition to sales of 5.678 million baht in the foreign exchange market.
CBM made a US $45 million injection into the fuel import sector on 23 March to increase oil imports.
CBM’s report showed transactions of 50 million baht on the foreign exchange trading Platform to importers to meet the market’s needs, along with selling 2.424 million baht in the market. CBM also sold $1.339 million to edible oil-importing companies on that day.
CBM sold $1.5 million to edible oil importing companies and $1.16 million to fuel oil-importing companies on 20 March, along with an injection of 3.37 million baht into the market.
In addition to the injection of large amounts of foreign currencies (yuan, dollar, baht) into the foreign exchange market, CBM has been injecting US dollars to stabilize the foreign exchange market and calm the edible oil prices, with over $1.38 million to edible oil importing companies on 19 March. $1.84 million on 18 March, $1.55 on 17 March, $2.38 million on 16 March, $1.98 million on 13 March, $1.85 million on 12 March, over one million dollars on 11 March, $2.1 million on 10 March, $1.97 million on 9 March, $1.96 million on 6 March, $2.65 million on 5 March, over $1.24 million on 4 March and one million dollars on 3 March to the edible oil sector respectively. Additionally, CBM injected one million dollars into the fuel oil import sector on 3 March.
CBM injected foreign currencies into the market, with a view to curbing 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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