Happy Monday: your kyat is worth even less than it was before!
The currency has continued its nose-dive against the dollar, dropping to nearly 1,200 kyats on local exchanges Sunday.
The Myanmar Times reported that the Central Bank of Myanmar decreased its daily reference rate to 1,105 kyats per dollar on June 5.
Traders told the newspaper the official figure has not kept up with the actual market rate.
In disturbing news for fans of imported goods, one merchant at Mingalar Market said this: “Some shops are closing because the weakening kyat makes foreign goods more expensive.”
Photo: Coconuts Media
