Exchange rate in mid-June was over Ks1,350 per dollar and reached Ks1,390 at the end of June. It then increased to its highest point of Ks 1410 per US dollar on 13 July. With the increase in the foreign exchange rate, the Central Bank of Myanmar (CBM) set the rate at Ks1,408 per dollar, recently.

According to a senior advisor to Kanbawza (KBZ) bank, the dollar-to-kyat interbank exchange rate is on the rise, because of the global political condition, not because of the local market condition. America’s increased tariff to China is one of the reasons for the increasing US dollar exchange rate. It is reportedly known that there is no US dollar demand in the local market. The exchange rate was on the rise throughout 2017 and hit an all-time record high of Ks1,380 per dollar.

Source: Global New Light of Myanmar

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