CBM injects US$77.38M, 850M Thai baht in Feb

photo 2024 02 27 02 03 23

The Central Bank of Myanmar (CBM) sold US$77.38 million and 850 million Thai baht in February.
The CBM pumped $13 million on 1 February into the financial market, $5 million and 50 million Thai baht on an online trading platform for the exporters and importers on 2 February, $11 million and 200 million Thai baht on 5 February, $8 million on 8 February, $5.38 million on 14 February, $9 million and 200 million Thai baht on 15 February, $8 million and 200 million Thai baht each on 19 and 26 February and $10 million on 27 February.
The CBM sold $68.33 million, 313.5 million Thai baht and 4.2 million Chinese yuan in January 2024.
The exchange rate for Thai baht, Chinese yuan and US dollar settled in those transactions is not revealed.
The reference exchange rate set by the CBM is K2,100 against a US dollar, while it is valued at some K3,630 at the over-the-counter market at present. The exchange rates currently stand at K101 per Thai baht and K490 per Chinese yuan.
The CBM allowed the authorized dealers (private banks) to operate online forex trading freely as per the market rate depending on supply and demand, starting from 5 December.
Additionally, the outward remittance procedures must adhere to the rules and regulations specified by the Foreign Exchange Supervisory Committee. — NN/EM

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