CBM injects US$18 mln, 50 mln Thai baht into financial market in two days

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The office building of the Central Bank of Myanmar in Yangon.

The Central Bank of Myanmar (CBM) pumped US$18 million and 50 million Thai baht into the financial market in two days.
The CBM sold $13 million on 1 February in the forex market and five million dollars and 50 million baht on an online trading platform for the exporters and importers on 2 February.
CBM concealed the exchange rate for those transactions from the public. The reference exchange rate set by the CBM is K2,100 against a US dollar, while it was exchanged around K3,550 at the over-the-counter market. A baht is valued at K101 at present.
CBM sold $68.33 million, 313.5 million baht and 4.2 million Chinese yuan in January 2024. Last December, it also injected $22.15 million into the fuel oil sector. CBM allowed authorized dealers (private banks) to operate online forex trading freely as per the exchange rate determined by the market forces depending on supply and demand dynamics.
Moreover, outward remittance procedures must comply with rules and regulations of the Foreign Exchange Supervisory Committee. — NN/EM

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