The Central Bank of Myanmar (CBM) made a record amount of liquidity injection into the financial market in January 2024, with US$68.33 million, 313.5 million Thai baht, and 4.2 million Chinese yuan.
CBM sold $12.93 million on 1 January, $16 million on 5 January, 15 million on 15 January, 50 million baht on 19 January, nine million dollars and 200 million baht on 25 January, five million dollars and 50 million baht on 26 January, nine million dollars in the first time, $1.4 million in the second time, 13.5 million baht and 4.2 million yuan on 29 January.
CBM injected $1.4 million, 13.5 million baht and 4.2 million yuan into the consumer, pharmaceutical, power, agriculture and telecommunication sectors.
Additionally, CBM pumped $22.15 million into the fuel oil sector last year, selling $9.72 million on 18 December and $12.43 million on 21 December for fuel oil importing companies.
Nonetheless, CBM disclosed the exchange rate for those transactions. CBM currently set the reference exchange rate at K2,100, while the Kyat against the greenback weakened to K3,550 at the over-the-counter market. Meanwhile, the exchange rate is estimated at K101 per baht and K496 per yuan in the unauthorized forex market.
CBM liberalized forex trading for authorized dealers (private banks) as per the market rate determined by the supply and demand market forces on 5 December 2023.
Moreover, CBM notified that outward remittance must follow the rules and regulations of the Foreign Exchange Management Committee.
Source: The Global New Light of Myanmar