The Central Bank of Myanmar (CBM) has announced that it has sold a total of $101.08 million and 550 million Thai baht in the foreign currency market since December 18, 2023, through the Online Trading Platform (OTP).

The OTP is a system that allows exporters and importers to buy and sell US dollars, Thai baht, and Chinese yuan at market rates, under the supervision of the CBM.

The CBM said that the sales were aimed at balancing the demand and supply of foreign currency in the economy, as well as maintaining exchange rate stability and price stability.

The CBM also provided a SWAP facility to the Chinese yuan equivalent to four million dollars on January 1, 2024.

The CBM plays a key role in implementing monetary policy and foreign exchange policy, according to Article 40(b), (c) and (d) of the CBM Law. It advises the government on the foreign exchange rate system, and manages the state’s foreign reserves.

The OTP was launched on June 22, 2023, as a platform that can be legally used by exporters and importers, who previously traded outside at their own prices.