Burma DollarBurmese dollar
USD profits, CBM raises the currency parity
In recent trading hours, the US dollar has strengthened, while the Central Bank of Myanmar (CBM) has increased its fixed US dollar parity. Since last weekend, the Dollar has been rising. The US dollar vs. the yen on Myanmar's foreign exchanges reached its highest level of 1,374 ks last night.
This is the highest quota so far this year. In May, the price rose above 1,340 Ks per dollar and peaked at 1,365 Ks per dollar in mid-June. As the US dollar strengthened against the Kiev on the domestic foreign currencies markets, CBM increased the fixed foreign currencies from T 1,359 on 18 June to T 1,365 on 19 June and increased them to a new high of T 1,371 on 21 June.
In 2017, the US dollar rose in comparison with the preceding years, with the highest value being Ts 1,380 per dollar. From the middle of January 2018, the US dollar/Kyat foreign exchange rates in Myanmar fell to Ts1,322. From January to April, the exchangerate varied by Ts1,327.
Its highest installment was only Ts1,331 per dollar. U Than Lwin, Kanbawza Bank's senior advisor, said the rise in the dollar could be due to the international economic climat. "The rise in US tariffs on China in the escalation of the commercial crisis is also one of the reasons for the strengthening of the US dollar.
There has been less strong US dollar interest on the domestic foreign currencies markets. Myanmar's business environment is sluggish. Therefore, the domestic pump cannot contribute to the appreciation of the value of the foreign exchanger," he said. Exports and imports want a stable foreign parity because of the greater impact on global trading.
Infl uation, interest rates, trading conditions, the country's balance of payments and deficit, the policy environment and output are the contributory forces to the fall in the currency parity.