Xinhua, Yangon :
Myanmar’s finance authorities, together with bankers and traders, are seeking measures to restore exchange rate stability in wake of U.S. dollar’s surge against Myanmar kyat.
Ways to mitigate exchange rate volatility, which has triggered difficulties in the country’s trading, were being focused at a meeting here between the Central Bank of Myanmar, private banks, government ministries and business federation.
U.S. dollar surged to a record peak of 1,300 kyats per dollar and the gold price to 800,000 kyats earlier this week.
The appreciation of the U.S. dollar against the local currency and rising gold prices had forced the foreign exchange and gold market to a temporary close on Wednesday but the status improved a little as the U.S. dollar weakened against the local currency after a day trading at 1,220 kyats per dollar, while the gold price fell from record high logged a day earlier to 755,000 kyats per tical, a traditional weight measurement that equals 16.33 grams, according to market survey.
The U.S. dollar appreciation was deemed a result of factors including slow export, high import, high inflation, high demand for the U.S. dollar, a budget deficit and a stagnant real estate market.
Myanmar’s finance authorities, together with bankers and traders, are seeking measures to restore exchange rate stability in wake of U.S. dollar’s surge against Myanmar kyat.
Ways to mitigate exchange rate volatility, which has triggered difficulties in the country’s trading, were being focused at a meeting here between the Central Bank of Myanmar, private banks, government ministries and business federation.
U.S. dollar surged to a record peak of 1,300 kyats per dollar and the gold price to 800,000 kyats earlier this week.
The appreciation of the U.S. dollar against the local currency and rising gold prices had forced the foreign exchange and gold market to a temporary close on Wednesday but the status improved a little as the U.S. dollar weakened against the local currency after a day trading at 1,220 kyats per dollar, while the gold price fell from record high logged a day earlier to 755,000 kyats per tical, a traditional weight measurement that equals 16.33 grams, according to market survey.
The U.S. dollar appreciation was deemed a result of factors including slow export, high import, high inflation, high demand for the U.S. dollar, a budget deficit and a stagnant real estate market.
