CBM to inject foreign currencies into key sectors next week

The Central Bank of Myanmar (CBM) will pump US$6 million, five million yuan and 10 million baht into the edible oil, fuel oil and pharmaceutical sectors through online foreign exchange trading platforms in the coming week.
CBM sold $5 million and five million yuan for the fuel oil, edible oil and pharmaceutical sectors on 2 August, after selling 69 million baht and nine million yuan for those importing edible oil, fertilizer, pharmaceuticals and medical devices on 1 August.
CBM governs the foreign exchange market by injecting foreign currencies into the financial market to curb volatile exchange rates. 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