CNI News
27 July 2023
In relation to the matter that 20,000 Kyat note will be issued, not only the foreign currency prices are unstable, but also because the prices have gone up, the workers who will abroad may spend more money, said foreign employment agencies to CNI News.
After the announcement that new 20,000 Kyat note will be issued to mark the one year anniversary of White Elephant's birth on 23rd July, 2023, the prices of foreign currencies including USD, Baht and Yuan came to rise more than on 22nd July.
In front of the Directorate of Labor and migrant workers who will go abroad Myanmar citizens who will go to South Korea
" It is difficult for the workers who will go abroad. Due to the impact of 20,000 Kyat note, when the price of Baht has gone up, even the labor market is almost damaged because we have to work with foreign currency. We have to use USD when we send people to Japan. We have to use Baht when we send people to Thailand. The prices are changing so ofetn, so the people who are working with foreign currencies are finding it difficult. Moreover, the workers who will go abroad have to spend so much." said Myat Hayman Lin, managing director of the Pwint Phu Aung Oversea Employment Agency.
Although the amount of foreign currency designated for a worker does not change, because the price of foreign currency comes to rise, the cost is much more, said oversea employment agencies. Instability of the foreign currencies' prices impacts on both workers who will go abroad and oversea employment agencies, said the agencies.
"The money price is unstable. At this rate, we are less likely to make a profit. If we don't make a loss, we'll go on because we don't want to make the youths get into trouble. All the businesses which are related to foreign countries make a loss. It has worsen due to greedy business people." said U Win Myint, managing director of Lucky agency.
If only responsible officials controlled the instability of foreign currencies' prices, the large cost of workers could be reduced, said U Kyaw Htin Kyaw, vice chairman of Myanmar Overseas Employment Agencies Fedration (MOEAF) to CNI News.
MoU workers
"If the money prices go up, it will affect workers. For example, a worker paid 1,000 Kyats for one dollar before, but if he have pay 1,500 Kyats now, he has to pay 500 Kyats anymore. As soon as a piece of news comes out, prices are going up. These are sort of monetary speculations that need to be controlled. There is one thing. If employers and agencies from abroad reduced designated money, it will cost workers less. We here in Myanmar largely take service only" he said.
The Central Bank will issue new 20,000 Kyat notes in limited quantities and so, it is unlikely to cause monetary inflation, the SAC has reported.
Although the price of one dollar was around 3,100 Myanmar kyats on 22nd July, 2023 before the statement saying new 20,000 kyat notes will issue, the price of one dollar is 3,400 Myanmar kyats on 26th July, 2023.
