The Central Bank of Myanmar (CBM) sold 69 million Thai baht and nine million yuan for those importing edible oil, fertilizers, pharmaceuticals and medical devices on online trading platforms through authorized banks on 1 August, with a view to curbing instability in the foreign exchange market 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. 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. — NN/KK
