CBM sells nearly US$29 million within five days

cbm sskm
The office building of the Central Bank of Myanmar in Yangon.

Central Bank of Myanmar (CBM) sold US$12.93 million on 1 January and $16 million on 5 January.
Also, the CBM injected US$22.15 million into 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. At present, 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 market force of the supply and demand.
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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