Exchange rate to remain stable: finance chief
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The dollar/kyat exchange rate should remain stable due to the balance between supply and demand of the greenback, according to Mya Than, chairman of Yangon Foreign Exchange Market Committee.
He said daily the Central Bank of Myanmar sells US dollar worth US$0.5-$1 million to ease the high demand.
“Supply and demand is balanced. The value of dollar against kyat may rise above the permitted trading band in the unofficial market if demand skyrockets. But for now, there is little difference (in the official rate and the black market rate)," he said.
The central bank allows private banks to trade dollar within a 0.8 per cent band from the reference rate. The reference rate as of February 9 was 1,025 per dollar. It has stood between 1,024-1,025 since the beginning of this year.
