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Myanmar Plans $200 Million FX Intervention to Ease Fuel Price Crunch

Myanmar’s military government says it will provide more than $200 million through the foreign currency market to ease a surge in basic commodity prices driven by high fuel prices.

The six-member Foreign Exchange Supervisory Committee came up with the decision after the monetary authority’s meeting with local banks and fuel oil importers last week, according to a statement late Wednesday by the Central Bank of Myanmar.