The Central Bank of Myanmar (CBM) will sell USD six million, five million Yuan, and 10 million Baht through online foreign exchange trading platforms in the coming week to facilitate the purchase of fuel, edible oil, and other essential commodities.
On 2 August, the CBM sold $5 million and five million Yuan specifically for the fuel, edible oil, and pharmaceutical sectors, following the sale of 69 million Baht and nine million Yuan on 1 August to importers of edible oil, fertilizer, pharmaceuticals, and medical devices.
In addition, the CBM recently sold USD 5.4 million to importers and exporters seeking foreign currency through Authorized Banks and an additional USD 5 million in the foreign currency market via the Online Trading Platform on 2 July.
The CBM actively governs the foreign exchange market by injecting foreign currencies to stabilize exchange rates and prevent market volatility.
As per a notification on 15 March, the CBM has partnered with law enforcement agencies to combat and prosecute those attempting to manipulate the currency market under existing laws.
Furthermore, starting from 5 December 2023, CBM has allowed authorized dealers (private banks) to operate online foreign exchange trading freely, based on market rates driven by supply and demand.
