CBM to inject US$28M into fuel oil sector
Myanmar’s Central Bank said it injected $28 million into the fuel oil import sector on December 11 to stabilise markets. Throughout December, CBM sold foreign currency to edible oil and fuel importers and made larger injections in October and November, aiming to curb currency volatility and prevent market manipulation.
The Central Bank of Myanmar (CBM) announced on 11 December that it would pump US$28 million into the fuel oil import sector.
CBM sold over $836,900 to edible oil-importing companies and over $587,700 to fuel oil-importing companies on that day.
CBM sold over $152,700 to edible oil-importing companies on 10 December.
CBM sold $500,000 from CMP companies to edible oil-importing companies on 9 December.
CBM sold $1.185 million to edible oil-importing companies and over $481,400 to fuel oil-importing companies on 8 December, along with an injection of $120,000 into the market.
CBM sold $1.69 million to edible oil-importing companies on 5 December.
CBM made an injection of over $21 million, 2.4 million yuan and 1.5 million baht in November.
CBM injected over $2.48 million, 5.75 million yuan and 4.98 million baht in October, along with sales of over $54 million purchased from CMP companies.
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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Source : GNLM
