The Central Bank of Myanmar (CBM) announced that it will sell an additional 10 million Chinese Yuan on May 20 to exporters and importers via the Online Trading Platform.
Earlier, on May 9, the CBM sold five million US dollars to the same market through the platform.
Previously, the CBM sold 2.5 million Chinese Yuan on May 7. It also sold US$ 5.38 million on February 14 and US$ 8 million on February 8. On February 6, the CBM reported the sale of US$ 11 million and 200 million Thai baht.
Additionally, the CBM disclosed sales of US$ 5 million and 50 million Thai baht. On February 1, the CBM sold another US$ 13 million. Sales continued on January 29 with US$ 9 million and on January 25 with US$ 9 million and 200 million Thai baht, followed by US$ 5 million and 50 million baht on January 26. On January 19, the CBM sold 50 million Thai baht, and on January 15, US$ 15 million. The CBM also announced the sale of US$ 16 million on January 5.
On January 1, 2024, the CBM sold US$ 12.93 million and provided a SWAP facility for the Chinese Yuan equivalent to four million dollars.
The Central Bank of Myanmar's main objective is to achieve and maintain domestic price stability, and exchange rate stability plays a key role in implementing monetary policy. In accordance with the article 40(b) of the Central Bank of Myanmar Law (c) and (d), it plays a role in determining and implementing foreign exchange policy; advising the government regarding the foreign exchange rate system; maintaining and managing the state's foreign reserves.
The Central Bank of Myanmar has asked for platforms that allow importers to legally sell because of the rising exchange rates due to exporters and importers trading outside at custom prices and importers not knowing the amount they can sell in the market. In order to balance the demand and supply of foreign currency in the economic system and The Online Trading Platform was established under the leadership of the Central Bank, and according to the market's demand, the US dollar, It is reported that the entry and sale of Thai Baht and Chinese Yuan started on June 22, 2023.
