Central Bank increases exchange rate to Ks1,330 per US dollar

With an even higher exchange rate for the US dollar in the sheet market, the Central Bank of Myanmar (CBM) increased the rate from Ks1,320 to Ks1,330 per dollar on 13thDecember.

The CBM set the exchange rate per dollar at Ks1,308 from 30th November to 2nd December, Ks1,305 on 5thDecember, Ks1,310 on 6th December, Ks1,315 on 7th December and Ks1,320 on from 8th to 12th December respectively.

The exchange rate was on the rise from 5th to 7th December and then slipped to Ks1,370 per dollar on 8thDecember.
Then the rate started an upward trend on 9th December. The rate of hard currency was recorded higher for three consecutive days from 10th to 12th December, according to the sheet currency exchange market.

The dollar price on 13th December in the global market decreased a bit compared to that on 12th December. On 13th December, the US dollar index dropped to 100.93 points and moved up to 101.12. Similarly, the domestic exchange market moved a bit in line with global dollar price on 13th December. The dollar price dropped a bit to Ks1,382 in the morning and then rose back to Ks1,385 in the evening on 13th December.

The week for the highest exchange rate for the US dollar was when it reached Ks1,376 on 8th December, Ks1,377 on 10th December, Ks1,378 on 11th December and Ks1,386 on 12th December, according to the black market.

The high dollar price affects imported medicines, raw materials and personal goods. The prices of those items have doubled, in some cases. Chemists increase the price of their stocks to keep pace with the increase in the prevailing price, said one chemist.

The dollar exchange rate could possibly reach Ks1,400 per dollar by the end of month, said some banking businessmen.

Source: Global New Light of Myanmar

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