On January 12, the Myowaddy (1) Friendship Bridge on the Myanmar-Thailand border resumed normal opening. By the 12th, the border crossing had been closed for more than two years. After the news of the reopening of the Myawaddy crossing, the long-stable dollar exchange rate in Myanmar increased.
On January 11, the exchange rate of the US dollar in the market was 2,835 kyats, and on January 12, after the reopening of the Myanmar-Thailand border crossing, the exchange rate of one US dollar opened at the price of 2,865 kyats. Domestic businessmen speculated that the dollar foreign exchange had a continuous upward trend.
A businessman said that since the opening of the market on the 12th, the US dollar exchange rate in the market has continued to rise, at present, the US dollar exchange rate has been stable below 3,000 kyats for a long time, and after the news of the reopening of the Myanmar-Thailand border crossing, the US dollar exchange rate rose by about 30 kyats in one day. The rise in the US dollar is related to the reopening of the Myawaddy crossing.
In 2022, the foreign exchange market has risen and fallen sharply due to capital speculation, and the exchange rate of 1 US dollar has risen to 4,500 kyats. After that, the central bank of Myanmar regulated the foreign exchange market, and after the central bank's announcement that it planned to release $200 million into the market, the price of dollars, gold and fuel in Myanmar quickly fell and fell.
At 9 a.m. on January 12, under the witness of relevant personnel on the border between Myanmar and Thailand, the Myawaddy (1) Friendship Bridge was reopened. Myanmar-Thailand border residents said that the resumption of border trade at ports has attracted much attention and is crucial for the two countries to strengthen border trade. With the orderly opening of the port, the interests of the two peoples' livelihood will also usher in further development.
At present, gold and the US dollar have become the best choice to avoid risks, compared with the Myanmar currency, the US dollar and gold can meet the public's requirements for asset preservation. However, without understanding the market, do not rush to follow others to buy and hoard, so as not to bring losses to yourself.