The Central Bank of Myanmar (CBM) sold US$10 million and 200 million Thai baht on March 4, contributing to a total of more than $88 million and over 1,050 million baht sold within a span of 22 days.

This information was disclosed in a CBM statement.

Earlier, on February 27, the CBM had announced the sale of $10 million in the foreign currency market. Notably, on February 26, $8 million and 200 million baht was sold, followed by $8 million and 200 million baht on February 19, $9 million along with 200 million Thai baht on February 15, $5.38 million on February 14, $ 8 million on February 8 and $ 11 million and 200 million baht on February 5.

The CBM also facilitated transactions for exporters and importers. On February 2, it sold $5 million and 50 million Thai baht through the Online Trading Platform. Continuing its active role, the CBM announced an additional sale of $13 million on February 1 and $9 million on January 29.

In January, the CBM maintained its engagement in the foreign currency market. On January 25, it sold $9 million and 200 million Thai baht, followed by $5 million and 50 million baht on January 26. 

The CBM’s commitment extended into the new year. On January 1, 2024, it sold $12.93 million in the foreign currency market and provided a SWAP facility equivalent to $4 million in Chinese yuan. Additionally, on December 18, 2023, the CBM facilitated a sale of $9.72 million for companies importing fuel. Later, on December 21, $12 million more were sold.

The CBM’s pivotal role lies in implementing monetary policy to achieve and maintain domestic price stability. Exchange rate stability is equally crucial, as it guides foreign exchange rate policy. Article 40(b), (c), and (d) of the Central Bank of Myanmar Law empower the CBM to advise the government on exchange rate systems and manage the state’s foreign reserves.