Myanmar's central bank dumped over 1.2 million dollars into the edible oil import sector after buying foreign currency from CMP companies. The institution has been flooding the market with cash across multiple currencies to stop the exchange rate from tanking.
The bank moved more than 21 million dollars plus yuan and baht during the previous month, with most of it going toward fuel and cooking oil imports. They also announced plans to sell 28 million to fuel importers while continuing smaller daily injections.
The whole operation is part of their plan to stabilize currency values and crack down on black market traders manipulating exchange rates. Private banks got the green light to run their own forex trading based on supply and demand about a year ago.
The bank moved more than 21 million dollars plus yuan and baht during the previous month, with most of it going toward fuel and cooking oil imports. They also announced plans to sell 28 million to fuel importers while continuing smaller daily injections.
The whole operation is part of their plan to stabilize currency values and crack down on black market traders manipulating exchange rates. Private banks got the green light to run their own forex trading based on supply and demand about a year ago.
