Military-appointed authorities in Myanmar are making progress in addressing its currency crisis, with the kyat stabilising and efforts underway to keep prices under control, a senior central bank official said.
Win Thaw, deputy governor of the Central Bank of Myanmar, told Reuters that a rule this week requiring exporters to sell excess foreign exchange to banks within 30 days of receipt was helping to boost supply and bring the exchange rate down."That limited period will become one of the factors to lower it," he said, referring to the 30-day requirement.
Skyrocketing prices of goods have historically been problematic for military governments in Myanmar, with the cost of cooking gas among the triggers of a monk-led "Saffron Revolution" in 2007. "If there is more export income, the dollar price will no longer rise again. It will gradually come down and return to its normal rate," he said.
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