Sunday, August 20, 2017

Kyat (MMK) depreciates to K890 as USD on rise

The official exchange rate has depreciated to about K890 a dollar as of March 14.

This represents a depreciation of about K10 a day over the past two weeks, when it stood at K865 on March 1.

At banks and legal money changers, the exchange rate stands at about K874-879 a dollar, while black market money changers are offering about K890 a dollar.

“K1000 a dollar will still be difficult. Exporters will be happy but importers may suffer,” said U Hnin Oo, chairman of the Myanmar Shrimp Association.

On February 25, Pyithu Hluttaw speaker Thura U Shwe Mann defended the appreciation of the USD, saying that it will protect labourers’ rights.