Central bank sells over $11 million to import companies

The Central Bank of Myanmar announced that it sold over US$11.26 million in foreign currency to import companies, including those importing LNG, on July 9. The Central Bank sold US dollars to LNG importing companies, edible oil importing companies, and CMP (Cut, Make, Package) companies. Of the foreign currencies purchased from CMP companies, US$10 million was sold to LNG importing companies, over US$1.156 million to fuel oil importing companies, and over US$100,000 to CMP companies. In FX trading, foreign currencies are being purchased and obtained in various sectors, including edible oil, fuel oil, fertilizers, pharmaceuticals and pharmaceutical raw materials, electronic goods, industrial raw materials, automotive and motorcycle parts, consumer goods, barley, other commodities, and various non-trade transactions. On July 9, the FX Market Online Trading Platform set the exchange rates for trading at 3,658 kyats per US dollar, 557 kyats per Chinese yuan, 125.30 kyats per Thai baht, and 43.60 kyats per Indian rupee. The Central Bank of Myanmar is selling the foreign currency required by import businesses through the Online Trading Platform to stabilize foreign exchange rates and prevent speculation. It is also reported that small amounts of foreign currency for individuals traveling abroad for medical treatment, study, pilgrimage, or employment purposes are being sold at the remittance counters of private banks.