US Dollar reaches record high in Myanmar
Published on Friday, 28 June 2013 18:52
US Dollar exchange rate against the Myanmar Kyat (K) has reached about 1,000K to the dollar on Wednesday, the highest since Myanmar adopted a managed floating system 14 months ago.
The Central Bank of Myanmar set the exchange rate at 959K on June 26 and official exchange counters were buying at 956K and selling 966K. However, it was 996K and 1,000K respectively in the unofficial market.
The gradual rise in exchange rates started on June 17. Early this month, it has remained on average between 848K and 866K. Last month, there were similar rises in dollar exchange prices.
The country's strong import market includes cars and construction materials and is cited by the government as the main reason behind the soaring dollar.
Myanmar's total trade volume hit US$4 billion in the first quarter of 2013. Imports have reached US$2.4 billion as at June 14 while exports reached US$1.6 billion, according to the reports from the Ministry of Commerce.
Some businessmen said the trade imbalance is worse than the official figures manifest. They said that illegal imports along Myanmar-China border may be exacerbating the problem.
Source: http://www.news.myanmaronlinecentre.com/2013/06/29/us-dollar-reaches-record-high-in-myanmar/
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