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Myanmar's Volatile Exchange Rate Falls - Xinhua
YANGON, December 30 (Xinhua) -- Myanmar's fluctuating exchange rate began to fall this past weekend, even though it set the highest rate earlier this past few months. Myanmar's U.S. currency exchange rate with Myanmar's currency Cyat, which has been rising again since August, set a new high in the second weekend of this monthly period since 2007.
While the exchange rate on the subprime mortgage markets was as high as 1,440 Kyat per US Dollars, the Myanmar Central Bank's (CBM) benchmark exchange rate was 1,375 Kyat per Dollars during the course of the trading year. According to them, the sharp increase during this time has been speeded up by such a shift in car imports policies.
Therefore, exporters hurried to obtain the license under the present policies, resulting in high US dollars in the domestic markets. A further fact is that the markets are sluggish these days due to the New Year holiday. As a result, according to Friday's Friday poll, 1 US currency was traded for 1,365 Kyat but purchased at the exchange rate for 1,358 Kyat, while 1,363 Kyat per US currency was traded and 1,362 was traded at the exchange rate.
Meanwhile, the Central Bank of Myanmar's (CBM) benchmark interest rate was 1,365 kyat per US dollar. Regional economic experts called on the Chinese authorities to find shortterm and long-term exchange rate stabilisation strategies in consultation between the CBM and related departments and the business world. To help ensure exchange rate instability, the Union of Myanmar Chamber of Commerce and Industry (UMFCCI) has submitted a progress review to the authorities.
It states that CMBM should adapt its policy to the issue and try to break into the non-formal one. This also helped to cut the country's US demand for dollars and strengthen its less liquid population. On Tuesday, officers of CBM and the Department of Commerce and the Department of Planning and Finance discussed ways to stabilize the US dollar's volatility.
The two sides debated blueprints to control the influx of exports revenues into the U.S., to review the present system of references, to curb trafficking and to ensure that the influx of immigrant workers' currencies in an attempt to cover the high U.S. dollars' domestic demands resulting from an enormous trading shortfall, headline price rises and fiscal deficits.
CBM liberalised the currency markets in 2012 and introduced a MFF. CBM also held a daily US dollar sale for domestic bankers and has set up an interbank currency exchange rate markets to assist the markets. A number of domestic retail bankers, however, declined to trade bucks for domestic consumption, buying only to reduce the risks of loss of interest, so that the unseen palms of the subprime world are speculation.
As the deputy governor said in the House, CBM is working to correct the exchange rate gap to around 2% as an effort to stabilise the exchange rate. Burma has 5. CBM holds 49 billion US dollar in state currency reserves, of which 87 per cent are in the hands of CBM in March 2015.
However, the CPMR stipulated that the exchange rate could be 0.8% higher or lower than the benchmark rate of the CPMR. Nonetheless, the markets show the country's strong US dollars requirement. In order to help the markets, a daily US dollars sale was held by CBM for the benefit of domestic bankers and an interbank currency exchange rate mechanism was set up.
Nonetheless, some domestic retail bankers are refusing to buy and selling US dollar for domestic consumption only to reduce the risks of interest loss, while the unseen hand of the subprime markets is exploiting speculation on the basis of volatility. CBM has alerted domestic retail bankers to further speculation in the domestic currency markets in October.