Dollar trade slows amid crackdown reports
The dollar market has seen a drop in the going rate due to reports of action taken against market traders.
June 10 saw a peak kyat-to-dollar exchange rate of Ks1,300 but it climbed down soon after due to market players turning dollars in for kyats because of the high prices and news that the Central Bank of Myanmar will be directly selling dollars required by export businesses along with reports of crackdowns.
“June 10 saw the highest ever value for the dollar but on June 11, we heard news that dollar dealers were being taken in for investigation. That’s why the market is now so slow. Some even do not answer their telephones. The dollar value on June 12 was Ks1,185 on foreign markets and export profit market at Ks1,200 while the local market value sat around the Ks1,180 range,” said a regular foreign currency exchanger.
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