The value of the Myanmar kyat has risen due to the efforts of the Central Bank of Myanmar, according to Xinhua News Agency.
The kyat value rose gradually starting from the beginning of this year following a year of declining value compared to the US dollar, according to local money changers.
On 2 April, US$1 was valued at K1,191, down from around K1,300 in 2015.
The Central Bank has been selling and purchasing US dollars depending on the market in order to keep the foreign exchange rate stable. The bank sold US dollars while they were in high demand at money changer markets and purchased dollars without limit while the supply was high.
The Central Bank plays a major role in raising the value of the kyat, according to economists.
“The local currency value has risen this year. The rising number of investors who are interested in the Yangon Stock Exchange helped raise the value of the kyat. There are also cases of US dollars being sold at lower prices than the actual exchange rate in the illegal money exchange market,” said U Mya Than, chairman of the Myanmar Oriental Bank (MOB).
The Central Bank of Myanmar monitors the illegal money exchange market, said U Than Lwin, a senior advisor for Kanbawza Bank.—
Source: Global New Light of Myanmar
