CBM to provide more US dollars for fuel and cooking oil importers if necessary

The Central Bank of Myanmar plans to provide more US dollars for importers of fuel and cooking oil if necessary, according to the CBM. The CBM released a press release, saying that it has arranged to loan US$200 million to those importers in the early September.
The CBM will provide Trading Finance if necessary, according to the statement of 3 September. In addition, as the CBM is making arrangements for financial ease in the foreign exchange market, AD banks and exporters and importers are instructed by the CBM to follow the arrangements of the CBM.
It is also stated that effective measures will be taken as the media reports about the current foreign currency prices in the market cause public concern. In addition, companies operating in the export sector are instructed to transfer the income from the export sector to the foreign exchange market within 30 days. AD licensed banks also urged to re-introduce the purchased foreign currency into the foreign currency market to support the country’s economy. —TWA/GNLM