CNI News

12 September 2024

As the prices of foreign currencies fell again a few days ago, questions are emerging among the people whether Myanmar kyat has been hard again. 

It was too early to say that Myanmar kyat became hard again because the prices of foreign currencies fell and the prices of foreign currencies falling might be because a case that demanded dollars a lot had stopped temporarily, U Htay Aung Kyi, a banking expert, told CNI News.

" It's too early to say that Myanmar kyat has been hard again. A case that demands dollars a lot seems to suspend all of a sudden. There is no reason for demanding dollars a lot for trade at present. A case that demands a lot of dollars has suspended kind of. Everyone has to consider why a lot of dollars are demanded." he said.

While Sr-Gen Min Aung Hlaing was meeting with Chinese FM Mr. Wang Yi

Moreover, Myanmar received the Chinese aids after Chinese FM Wang Yi visited Myanmar and some agreements were reached between the two countries, according to businessmen.

Because Myanmar received the Chinese aids, it might impact on the foreign currency market. Moreover, because the Central Bank of Myanmar are putting a great deal of dollars into the market, the prices of foreign currencies are falling, reviewed businessmen.

It was hard to say how much dollars were needed to control the flow of dollars and the ability to control dollars depended on the policy how much dollars would be put into the market, U Aung Pyit Sone, a businessman, told CNI News.

While seeing US dollar

" How much have they designated the price of dollar should be? The government will carry out to reach up to that dimension. In my opinion, the government is making preparations to make the price of dollar reach under 5,000 kyats per dollar. It would be a very good situation if the price of dollar was around 3,800 kyats per dollar." he said.

However, it would be very difficult to reach that price, added U Aung Pyit Sone. 

Whenever the prices of foreign currencies go up, because some businessmen unscrupulously try to make the prices of foreign currencies go up again, the government departments concerned needs to take action against them effectively, pointed out people.