![]() This week, authorised dealers have been selling dollars for 2,200-2,300 kyat. That compares with 1,395 kyat before the February coup. Money exchanges quoted about 1,695 kyat to the dollar in early September, but that soared to around 2,700 on Sept. The central bank had tried tethering the kyat 0.8% either side of its reference rate against the dollar in August but abandoned the measure as pressure on the exchange rate grew. It will gradually come down and return to its normal rate," he said. "If there is more export income, the dollar price will no longer rise again. Win Thaw said he hoped an expected rise in exports in November and December would help. Its spokesman, Zaw Min Tun, said the central bank had been unable to meet local demand for dollars. The military last week said its economic problems were caused by "outside factors" and COVID-19 outbreaks. Skyrocketing prices of goods have historically been problematic for military governments in Myanmar, with the cost of cooking gas among the triggers of a monk-led "Saffron Revolution" in 2007. 5 off for AGD MPU/UnionPay Debit Card & Visa Credit Cards Holders. World Bank data shows it had just $7.67 billion in reserves at the end of 2020, before the February coup. Dear Valued Customers, For the convenience of our customers, we have arranged 23 branches to provide tokens on cash withdrawal. Myanmar has not disclosed its level of foreign currency reserves. "That limited period will become one of the factors to lower it," he said, referring to the 30-day requirement. "The rate is coming down to what it should be under normal circumstances," he said by telephone. ![]()
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