CBM sells US$15M, 7M yuan, 262M Thai baht in 15 days

CBM101 sskm
The office of the Central Bank of Myanmar (CBM) in Yangon.

The Central Bank of Myanmar (CBM) pumped US$15 million, seven million Chinese yuan and 262 million Thai baht in the past 15 days in March.
The CBM sold five million dollars on 15 March, 50 million Thai baht on 11 March, seven million Chinese yuan, and 12 million Thai baht on 5 March to exporters on online trading platforms.
The CBM injected seven million Chinese yuan and 12 million Thai baht into the financial market on 5 March and $10 million and 200 million Thai baht on 4 March.
The 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 exchange rate for Thai baht, Chinese yuan, and US dollar settled in those transactions has not been revealed.
The reference exchange rate set by the CBM is K2,100 against a US dollar, while it is valued at some K3,375 at the over-the-counter market at present. The exchange rates currently stand at K103 for a Thai baht and K504 for a Chinese yuan.
The CBM allowed the authorized dealers (private banks) to operate online forex trading freely as per the market rate depending on supply and demand, starting from 5 December.
Additionally, the outward remittance procedures must adhere to the rules and regulations specified by the Foreign Exchange Supervisory Committee. — NN/EM

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