December 16, 2016

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Value of Myanmar kyat continues to rise

An employee from a money changer counts Myanmar currency in Yangon.
An employee from a money changer counts Myanmar currency in Yangon.

ECONOMISIS estimate that the value of the Myanmar kyat will continue to rise in the international currency market.
The value of Myanmar kyat has gradually increased against the US dollar starting earlier this year, thanks to the efforts of the Central Bank of Myanmar, according to economists.
High supplies of the US dollar in the foreign exchange market have produced low prices. This is the main reason the value of kyat is growing stronger.
The rise is also linked to the launch of the Yangon Stock Exchange, which collects greater interest from investors.
The value of the Myanmar kyat rose to K1,181 per US$1 last week, up from K1,197 per $1 [the previous week]. However, these rates are lower than they were at this time last year.
Currently, brokers are trading US currency at prices lower than the official rate in the black market. Supply is greater than demand in the local market as US dollar investors are rushing to sell their dollars.
The Central Bank put more effort into buying and selling dollars to stabilise the local currency market.

 

 

PPN/Union Daily

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