Myanmar : CBM continues US dollar injection to edible oil import sector
Central Bank of Myanmar continued injecting foreign currency into Myanmar’s market, selling millions of US dollars to edible oil, LNG and CMP importers between May 18–26. The move aims to stabilize the kyat, ease forex volatility and support essential imports amid currency pressures.
The Central Bank of Myanmar (CBM) continued its foreign currency injections into key import sectors in an effort to stabilize the country’s foreign exchange market and support essential industries. On 26 May, CBM sold more than US$707,000 to edible oil-importing companies and over $32,700 to CMP (Cut, Make and Pack) companies.
A day earlier, on 25 May, the central bank supplied more than $3.03 million to edible oil importers, $2.5 million to LNG-importing companies and around $34,474 to CMP businesses. In addition, CBM conducted non-trade transactions worth approximately $4,930 on the same day.
On 22 May, CBM injected $1.9 million, purchased from CMP businesses, into edible oil-importing companies. Earlier, on 21 May, the bank sold more than $2.33 million to edible oil importers, $1.5 million to LNG companies and over $16,600 to CMP firms. It also carried out non-trade transactions exceeding $353,000 that day.
CBM further announced on 20 May that it would sell $81 million to fuel oil businesses. On the same day, the bank injected over $2.067 million into edible oil-importing companies and $4,000 into CMP companies, while also processing non-trade transactions worth nearly $22,984.
On 19 May, the central bank pumped more than $1.45 million into edible oil-importing companies and over $518,800 into CMP firms, alongside non-trade transactions totaling around $518,830. Prior to that, on 18 May, CBM sold more than $2.34 million to edible oil importers and over $30,170 to CMP companies.
The continued foreign currency injections are part of CBM’s efforts to curb instability in the foreign exchange market and slow currency depreciation. According to a notification issued on 15 March 2024, the central bank has been working with law enforcement agencies to take action against those attempting to manipulate the currency market under existing laws. CBM also permitted authorized dealers, including private banks, to freely conduct online foreign exchange trading at market rates based on supply and demand starting from 5 December 2023.
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Source : The GNLM
