CBM sells over US$51M, 450 mln Thai baht in 15 days

The Central Bank of Myanmar (CBM) pumped over US$51 million and 450 million Thai baht into the financial market in the past 15 days.
The CBM sold $13 million on 1 February in the financial market, 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, eight million dollars on 8 February, $5.38 million on 14 February, nine million dollars and 200 million Thai baht on 15 February, totalling $51.38 million and 450 million Thai baht within 15 days.
The CBM sold $68.33 million, 313.5 million Thai baht and 4.2 million Chinese yuan in January 2024.
The reference exchange rate set by the CBM is K2,100 against a US dollar, while it was valued at approximately K3,550 at the over-the-counter market. The exchange rates are K100 per Thai baht and K490 per Chinese yuan. The CBM allowed the authorized dealers (private banks) to operate online forex trading freely as per the market rate depending on supply and demand, starting from 5 December.
Additionally, the outward remittance procedures must comply with the rules and regulations specified by the Foreign Exchange Supervisory Committee. — NN/EM