CBM to sell 10M yuan for exporters, importers on online trading platforms
The Central Bank of Myanmar (CBM) will sell ten million yuan for exporters and importers on online trading platforms on 20 May 2024.
CBM sold US$5 million on 9 May, 2.5 million yuan on 7 May, and five million yuan and 30 million Thai baht on 2 May to exporters and importers through online trading platforms.
CBM injected $3 million, two million yuan and 54 million baht into the financial market in April. It also sold $18 million, 12 million yuan and 312 million baht in March, $77.38 million and 850 million baht in February and $68.33 million, 313.5 million baht and 4.2 million yuan in January 2024, 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.
Additionally, the outward remittance procedures must adhere to the rules and regulations stipulated by the Foreign Exchange Supervisory Committee. — NN/KK
