CBM sells almost US$44 million in 15 days

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The Central Bank of Myanmar (CBM) sold nearly US$44 million within 15 days, with $12.93 million on 1 January, $16 million on 5 January and $15 million on 15 January.
Also, the CBM injected US$22.15 million into the fuel oil sector last year, selling $9.72 million on 18 December and $12.43 million on 21 December for fuel oil importing companies.
Yet, the CBM did not reveal the exchange rate in selling dollars. The CBM set the reference exchange at K2,100 against a US dollar. Kyat-US dollar exchange rate is K3,450 at the over-the-counter market.
On 5 December 2023, the CBM allowed authorized dealers (private banks) to operate forex exchanges freely as per the market rate determined by the supply and demand market forces.
Additionally, the CBM notified that outward remittance must comply with the rules and regulations of the Foreign Exchange Management Committee. — NN/EM

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