CBM sells US$176.7M, THB1.56B, CNY40.7M online in 5 months

The Central Bank of Myanmar (CBM) sold US$176.71 million, 1,559.5 million Thai baht, and 40.7 million yuan to exporters and importers on online trading platforms in the past five months.
CBM pumped $10 million, 30 million baht and 22.5 million yuan into markets in May 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 rules and regulations stipulated by the Foreign Exchange Supervisory Committee. — NN/KK