Kyat appreciation against dollar likely to stay strong

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Myanmar’s ten thousand kyat notes. Photo: Nyi Zaw Moe

With the US dollar index dropping below 90, marking a three-year low, the US dollar to Kyat interbank exchange rate in Myanmar’s currency market declined to Ks1,330 yesterday.
The index hit its highest point of 103.82 in January 2017 and turned to a downward trend starting from March of that year. The dollar to Kyat exchange rate in early January 2017 was Ks1,354.
The exchange rate was remarkably still down by more than Ks20 over the past three weeks of January 2018.
As of 25 January 2018, the dollar selling price was Ks1,327, while the buying price was Ks1,330, according to money exchange counters.
Meanwhile, the Central Bank of Myanmar has set the exchange rate at Ks1,340 per dollar.
In addition to the US dollar depreciation in the global market, vehicle imports in the auto market under the new automobile policy are slowing as buyers are choosing to observe the market. The demand for the US dollar is also on the decline as some investors have turned to the gold market, according to FX market pundits.

 

Ko Khant

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