Sunday, November 3, 2024

Myanmar’s Currency Steadies with New Measures

Myanmar’s currency is seeing considerable improvement. The kyat which lost more than 60 percent of its value in September is now stabilising following a rule imposed by the Central Bank of Myanmar for exporters to sell excess foreign exchange to banks within a 30-day period. The new measure has helped increase supply and bring down the exchange rate, Deputy Governor of the Central Bank Win Thaw told Reuters. He hopes that an increase in export income expected in November and December would help stabilise the dollar price.

Earlier in September, the Central Bank abandoned efforts to tether the kyat 0.8 percent on either side against the dollar because of the increased pressure

on the exchange rate. The currency crisis had led to an increase in food and fuel prices in the country. The country’s economy which was impacted by the military coup that occurred in February is expected to experience a double-digit contraction this year.

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