CBM injects millions to stabilize currency, curb devaluation

Myanmar’s Central Bank distributed foreign currency to essential import sectors throughout late October while combating exchange rate volatility. The institution provided $1.137 million to edible oil importers and more than $75,900 to fuel oil companies, alongside market injections of $40,000 and 1.299 million yuan during one transaction period.

Daily sales fluctuated across the final week of October. Edible oil purchasers received more than $1.477 million while fuel importers obtained $902,400 on the 30th. The previous day saw edible oil transactions exceed $1.037 million, plus yuan sales topping 821,000. Officials announced plans on the 28th to release $22 million and 100 million baht for fuel sector participants. Additional distributions on the 27th reached $1 million for cooking oil imports and $290,000 for petroleum products.

September brought $39 million in currency purchased from CMP enterprises into circulation. Authorities permitted private banks to conduct online foreign exchange trading at market-determined rates starting in December 2023. The central bank coordinates with law enforcement to prosecute market manipulation attempts under existing statutes, following notification procedures established in March 2024.