The Central Bank of Myanmar (CBM) sold five million Chinese yuan and 50 million Thai baht on 22 March 2024 for exporters and importers through online trading platforms.
Additionally, CBM sold $5 million on 15 March, 50 million Thai baht on 11 March, seven million Chinese yuan and 12 million Thai baht on 5 March for exporters on online trading platforms. CBM injected $10 million and 200 million Thai baht on 4 March, totalling US$15 million, 12 million Chinese yuan and 312 million Thai baht in March.
CBM also sold $77.38 million and 850 million Thai baht in February and $68.33 million, 313.5 million Thai baht and 4.2 million Chinese yuan in January 2024.
The reference exchange rate set by the CBM is K2,100 against a US dollar, while it is valued at some K3,700 at the over-the-counter market at present. The exchange rates currently stand at K103 for a Thai baht and K505 for a Chinese yuan.
CBM lets authorized dealers (private banks) operate online forex trading freely as per the market forces depending on supply and demand factors, starting from 5 December.
Moreover, outward remittance procedures must adhere to rules and regulations specified by the Foreign Exchange Supervisory Committee. — NN/EM
CBM sells 5M yuan, 50M Thai baht on 22 March
- March 23, 2024
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