On January 19, the Central Bank of Myanmar (CBM) sold 50 million Thai baht. With sales of $12.93 million on January 1, $16 million on January 5, and $15 million on January 15, 2024, the CBM also made close to US$44 million this month. Furthermore, last year the CBM invested US$22.15 million in the fuel oil industry by selling $9.72 million on December 18, 2023, and $12.43 million on December 21, 2023, to enterprises that import fuel oil.
However, when selling dollars and baht, the CBM withheld the exchange rate. The reference exchange rate is now K2,100 per US dollar determined by the CBM. The over-the-counter market has a K3,450 Kyat to US dollar conversion rate. On December 5, 2023, the CBM gave approved dealers—private banks—free reign to run currency exchanges in accordance with market rates set by supply and demand. Furthermore, the Foreign Exchange Management Committee’s norms and regulations must be rigorously followed by outbound remittances, according to the notification from the CBM.
Leave a Reply