Myanmar's kyat on the rise

The official exchange rate has risen to about K890 a dollar as of March 14.

This represents a rise of about K10 a day over the past two weeks, when it stood at K865 on March 1.

At banks and legal money changers, the exchange rate stands at about K874-879 a dollar, while black market money changers are offering about K890 a dollar.

“[The kyat] has so much demand at the moment because speculators heard that the government will push the exchange rate up to K1000 [a dollar], so money changes have been buying a lot of kyat since last week,” said a black market money changer in Yangon’s Kyauktada market.

U Hnin Oo, chairman of the Myanmar Shrimp Association, said government officials and ministers tried to drive up the value of the kyat in anticipation of managing increasing foreign investment.

“K1000 a dollar will still be difficult. Exporters will be happy but importers may suffer,” he said.

On February 25, Pyithu Hluttaw speaker Thura U Shwe Mann defended the appreciation of the kyat to K1000, saying that it will protect labourers’ rights.

source: The Myanmar Times

http://www.mmtimes.com/index.php/business/5180-kyat-on-rise.html