The Central Bank of Myanmar (CBM) announced on May 6 that it will sell $33 million and 200 million baht to businesses in the fuel oil sector. Additionally, CBM sold 397,843 yuan on the same day.
This move follows a previous announcement on April 30, when CBM injected $38 million into the fuel oil industry to stabilize the market.
In April, CBM injected more than $42 million, 20 million baht, and 500,000 yuan. In March, the bank provided over $126 million, 320 million baht, and 3.6 million yuan. February saw over $88 million, 7.5 million yuan, and 161 million baht in injections, while January included over $124 million, more than 13.8 million baht, and over 4.8 million yuan.
The CBM’s actions are aimed at addressing instability in the foreign exchange market and combating currency devaluation. In a statement on March 15, the bank confirmed its collaboration with law enforcement agencies to address market manipulation. Since December 5, 2023, CBM has allowed authorized dealers, including private banks, to conduct online foreign exchange trading based on supply and demand at market rates.
Related Topics:
- Kazakhstan Continues to Surpass OPEC+ Quota with Record Oil Production
- Azerbaijani Oil Price Approaches $79 on Global Markets
- Kazakh CPC Oil Exports Limited to 700,000 bpd Following Russian Suspension