CBM to inject US$100M into fuel oil sector

Central Bank of Myanmar (CBM) planned to contribute US$100 million towards the fuel oil sector, according to its notification issued on 14 August.
CBM announced on 9 August that it would sell $6 million, five million yuan, and 10 million baht in edible oil, fuel oil, and pharmaceutical sectors through online forex trading platforms in the coming weeks.
CBM sold $5 million and five million yuan for 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 injected $15.4 million and five million yuan into the foreign exchange market in July with a view to curbing the 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