Central Bank announces possible injection of 9 mln USD into Myanmar FX Market

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Hsu/ Yoon (NP News) – Jan 30

In a press release issued on 29 January, the Central Bank of Myanmar (CBM) confirmed it will inject 9 million USD into the foreign market.

According to the report, the CBM has injected a total of $101.93 million USD into the foreign exchange market between 1 January and 26 January.

Starting on 19 January, the CBM began selling Thai Baht in the domestic foreign exchange market, injecting up to 250 million Baht by 26 January.

An economist told NP News that “The money is sold officially and must be submitted officially. They have already made arrangements for how much money will be sold and at what times. The amount of money to be released into the market and the sectors in which the money will be used are decided by a series of meeting. The respective organization will also need to hold negotiations based on the factors such as the amount of money required and the import items, for example, medicines or edible oil.”

As of 29 January, the reported exchange rate for one dollar in the foreign exchange market was 3525 kyats.

The Central Bank of Myanmar has reportedly sold up to 110.93 million USD in the foreign exchange market between 1 January and 29 January, 2024.

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