MYANMAR – The exchange rate for USD rose to 5,500 Kyat per USD in the domestic market and the value of Kyat continues to decline.
“There is a lot of demand (for USD banknotes). Once we have some in supply, it’s sold out. We have now run out of stock. The price is 5,500 Kyat per USD but can be around 5,600 Kyat in face to face transactions,” said a currency exchange dealer.
Other foreign currencies such as Thai Baht, Malaysia Ringgit and Singapore Dollar have also hit record high as the Myanmar Kyat depreciates at an unprecedented rate.
As of August 7, the exchange rate for 1 Thai Baht was 152.67 Kyat while 1 Singapore Dollar was at 4049 Kyat and 1 Malaysia Ringgit was around 1,200 Kyat.
Meanwhile, in the gold market, one tical of gold was at 6.85 million Kyats with the price expected to trend upwards.
