Connect with us
CGIF-10th-Year-Anniversary

Currencies

Burma’s Kyat Continues Its Downslide

Burma’s currency is continuing its downslide and has dropped almost 18 percent in value since the government floated the kyat in early April last year.

Bahar Karaman

Published

on

Burma’s currency is continuing its downslide and has dropped almost 18 percent in value since the government floated the kyat in early April last year.

Currency speculation and falling global gold prices are contributing to the slump of the kyat, local bankers and traders said.

On Friday, the Central Bank’s official exchange rate stood at 969 kyat per US dollar, while some of Rangoon’s money changers reported that the currency had already fallen to more than 1,000 kyat per dollar.

The currency has dropped 17.8 percent compared to 818 kyat per dollar on April 2, 2012, when President Thein Sein’s reformist government floated the currency.

8275692003_04173e237a_z

Since its float, the kyat experienced a gradual decline to 890 kyat per dollar until May 8, 2013, when it suddenly fell to 946 kyat per dollar in just one day.

Before April 2012, Burma’s military government set the official exchange rate at 6.4 kyat per dollar, even though the black market rate stood at around 820 kyat per dollar.

Rangoon money changers said the currency was also subject to strong daily fluctuations.

“This morning when I just started exchanging, a US dollar cost 998 kyat only. Now, in the evening, the price for a dollar has gone up to 1005 kyat. The price of a US dollar jumped like this, just today,” an informal money changer said on Wednesday.

via Burma’s Currency Continues Its Downslide | The Irrawaddy Magazine.

Comments

Banking

Fitch confirms Thailand’s rating at ‘BBB+’ with a Stable Outlook

Thailand’s ratings are supported by strong public and external finances, which have provided buffers to respond to the economic shock and market volatility associated with the coronavirus pandemic.

Bahar Karaman

Published

on

Fitch Ratings – Hong Kong – 29 Oct 2020: Fitch Ratings has affirmed Thailand’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook.

(more…)
Continue Reading

Currencies

Asian currencies slip as U.S. jobs data bolsters dollar

Reuters

Published

on

By

Asian currencies faltered on Monday, as a rebound in U.S. payrolls data supported the greenback, offsetting optimism of a Sino-U.S. trade deal and further China policy stimulus.

(more…)
Continue Reading

Currencies

Most Asian currencies rise as trade war reports boost risk appetites

The Thai baht was largely flat against the dollar

Reuters

Published

on

By

Most Asian currencies firmed on Wednesday as reports of headway in Sino-U.S. trade talks and easing U.S. bond yields prompted buying of regional risk assets.

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,413 other subscribers

Trending