The Central Bank of Myanmar announced on July 28 that it will sell $30 million in foreign exchange to fuel oil industry operators in the foreign exchange market. According to some fuel oil business owners, the central bank’s sale of foreign currency to them is likely intended to stabilize fuel oil prices and ensure smooth financial transactions in the market.
On July 28, the bank also sold over USD 350,000 to fuel oil import companies from the foreign currency reserves acquired from CMP companies through FX Trading. On the FX Market Online Trading Platform on July 28, the exchange rates were 3,620 kyats per US dollar, 553.65 kyats per Chinese yuan, and 134 kyats per Thai baht.
