CBM performs market intervention to strengthen domestic currency

The Central Bank of Myanmar (CBM) conducted market intervention by selling foreign assets to strengthen its currency. It sold US$8 million on 8 February again.
The CBM pumped $37 million and 250 million Thai baht into the financial market in ten days, with $13 million on 1 February in the forex market and five million dollars and 50 million Thai baht on an online trading platform for the exporters/importers on 2 February, $11 million and 200 million Thai baht on 5 February and $8 million on 8 February.
The CBM sold $68.33 million, 313.5 million Thai baht and 4.2 million Chinese yuan in January 2024.
The CBM’s reference exchange rate is set at K2,100 against a US dollar, while the exchange rates are approximately K3,500 against a US dollar, K100 for a Thai baht and K490 for a Chinese yuan in the grey market.
The CBM liberalized the forex market online trading platform for authorized dealers (private banks) to operate FX freely as per the market rate, depending on supply and demand.
Additionally, outward remittance must be done per the rules and regulations of the Foreign Exchange Supervisory Committee. — NN/EM