CBM to inject US$5M, 5M yuan in fuel oil, edible oil, pharmaceutical sectors

The Central Bank of Myanmar (CBM) will pump US$5 million and five million yuan into fuel oil, edible oil and pharmaceutical sectors through foreign exchange trading platforms.
CBM sold 69 million Thai baht and nine million yuan for those importing edible oil, fertilizer, pharmaceuticals and medical devices on online trading platforms through authorized banks on 1 August, with a view to controlling the volatile exchange rates in the foreign exchange market.
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