On November 1, Myanmar's central bank announced that it would put $30 million into the market at a price of 1,760 Kyats to $1 to balance the exchange rate. At present, the exchange rate of Myanmar's official currency, the Kyat to the US dollar, has continued to rise from the lowest point of 2700 Kyats to 1 US dollar at the end of September, and the real exchange rate in the market has now stabilized at 1900:1.
Since February 1 this year, Myanmar's central bank has cumulatively put $434.8 million into the market in nine months.
Since the beginning of September, the exchange rate of the Kyat currency to the US dollar has continued to fall, especially in the last days of September, when there was a cliff-like decline, falling to 2700 Kyats to 1 US dollar, a one-month depreciation of 60%.
In October, the Myanmar government took a number of measures to stabilize the financial foreign exchange market, including a cumulative investment of $110 million in the market in three installments in one month; strict examination of foreign exchange transfers; requiring exporters to sell foreign exchange; lifting restrictions on foreign exchange spreads; and cracking down on black market merchants in accordance with the law.
Myanmar's Minister of Investment and Foreign Economic Affairs, U AnnAi U, said on October 19 that Myanmar's current foreign exchange reserves are 11 trillion Kyats (about $6.04 billion). He said: The government will make every effort to maintain the stability of the financial and foreign exchange market and promote economic development.
It is understood that the price of gold in Myanmar has dropped from 2.22 million kyats per tick (0.576 ounces) at the end of September to 1.77 million kyats, and the price of refined oil products has also fallen to the lowest point in nearly a month.
(Reporter Gao Jiayi, Wang Yuezhou)
Editor/Ma Xiaoqing