Myanmar Central Bank injects $27M into fuel sector to stabilize market
The Central Bank of Myanmar has been injecting foreign currency into key sectors to stabilize the foreign exchange market and counter devaluation. It recently directed millions of U.S. dollars into the fuel oil sector and made significant sales to edible oil-importing companies. These repeated interventions also included market injections of Chinese yuan and Thai baht.
The bank stated that its objective is to curb market instability. It has collaborated with law enforcement agencies to prosecute those attempting to manipulate the currency market. Since a recent policy change, authorized private dealers have been permitted to operate online foreign exchange trading based on prevailing supply and demand.
