October 21, 2017
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Kyat hits new low

  • Category: Economy
People who want to exchange foreign currency fill out forms at an exchange counter in Thain Phyu in Yangon in October 2011.  (Photo: Mizzima)

The US dollar was trading on Thursday as its highest rate this year, reaching 970 kyat at official counters but as high as 1,000 kyat in outside markets, according to media sources.

One month ago, the kyat stood at 860 to the dollar.

Myanmar media blamed the low exchange rate on the fall in the global gold price and the ongoing gems emporium in Naypyitaw, as well as the uncertain status of Myanmar migrants in Malaysia.

Xinhua News Agency quoted sources saying that many believe the kyat will continue its descent.

On July 1, Myanmar’s Foreign Exchange Certificates, or FEC, is due to be abolished after 20 years in circulation.

Related articles:

  1. Myanmar kyat hits record low
  2. Kyat pegged at 818 to U.S. dollar

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