Myanmar’s central bank sells U.S. dollars, yuan, Thai baht
Myanmar media reported that in the external market, while the U.S. dollar exchange rate continued to fall, the National Bank of Myanmar sold more than 10 million U.S. dollars at a price of 1 to 3,502 kyats.
The National Bank of Myanmar sold an additional US$10 million on September 9, along with more than 3 million yuan and more than 120 million baht.
Through the FX Market Online Trading Platform, the National Bank of Myanmar sold more than 10 million U.S. dollars at a price of 3,502 kyats per US dollar, more than 3 million yuan at a price of 1 yuan per kyat 497.3, and more than 121 million baht at a price of 1 baht per 1,06.5 kyats.
The State Bank of Myanmar has sold foreign currency three times in just over a week in September. Sold on September 4 for US$12.4 million, 80 million baht. It was sold on September 8 for more than 9.8 million U.S. dollars, 4 million yuan, and more than 45 million baht.
In the external market on the afternoon of September 10, the US dollar exchange rate was 1 to 5,200 kyats. While the exchange rate fell, the price of gold also fell, and commodity prices also fell.
A housewife in Mya Degon Township, Yangon said that the price of water spinach has dropped from 1,000 kyats to 700 kyats. The prices of eggs and duck eggs have also dropped a bit. Potatoes, onions, etc. also fell a bit, mainly because basic food needs to fall, otherwise it will be difficult.
In August, the foreign currency exchange rate in the external market rose at a record high, and the kyat depreciated severely. At the same time, basic commodity prices have also risen seriously, and grassroots people have encountered great difficulties.
RMB exchange rate fluctuates greatly in Muse, northern Myanmar
Myanmar media reported that the exchange rate of RMB to Kyat in Muse City, northern Shan State on the border with Myanmar, fluctuated greatly. Currently, 100 yuan can be exchanged for 64,000 kyats, which is much lower than before.
A citizen in Muse said that on September 9, the exchange rate of 100 yuan for kyats dropped to about 60,000 kyats, but some businessmen still conducted transactions at a price of 100 yuan for 65,000 kyats.
He said that although the RMB exchange rate fell, prices not only did not fall, but also tended to rise. Under the speculation of businessmen, prices are unstable and rise and fall rapidly.
On August 15, 100 RMB rose to the point where it could be exchanged for 88,000 kyats. At that time, prices also doubled. At present, although the RMB exchange rate has declined, prices have not.
Likewise, the U.S. dollar and gold prices also fell from last month. Today (September 11), 1 US dollar can be exchanged for 5,500 kyats, 1 baht can be exchanged for 157.48 kyats, and 1 yuan can be exchanged for 745 kyats.
