CBM sells 2.5M yuan for exporters, importers on 7 May


The Central Bank of Myanmar (CBM) sold 2.5 million yuan for exporters and importers on 7 May through online trading platforms.
CBM also sold five million yuan and 30 million Thai baht for them on 2 May.
CBM injected US$3 million, two million yuan and 54 million Thai baht into the financial market in April. It also sold $18 million, 12 million yuan and 312 million Thai baht in March, $77.38 million and 850 million Thai baht in February and $68.33 million, 313.5 million Thai baht and 4.2 million yuan in January 2024, with a view to controlling the volatile exchange rate and stopping the currency devaluation.
According to CBM’s notification on 15 March, it has been joining hands with law enforcement agencies to combat and prosecute those who attempt to manipulate the currency market under the existing laws. The reference exchange rate set by CBM is K2,100 against a US dollar, while it peaked at some K3,960 at the over-the-counter market at present. The exchange rates currently stand at K107 for a Thai baht and K540 for a yuan.
CBM allowed authorized dealers (private banks) to operate online foreign exchange trading freely as per the market rate depending on supply and demand, starting from 5 December 2023.
Additionally, the outward remittance procedures must adhere to the rules and regulations stipulated by the Foreign Exchange Supervisory Committee. — NN/EM

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