The value of Myanmar kyat has continue to depreciate after the coup military council imposed extreme restrictions on the US dollar. On August 6, the value of the Burmese currency plummet to 74 kyats per 1 Thai baht.
On July 21, 1 Thai baht was 65 kyat per Thai baht, and on August 5, the value of Myanmar kyat dropped to 74 kyat per Thai baht.
” Currently, 100,000 Myanmar kyats are only 1,350 Thai baht. The price has fallen since yesterday. As far as we know, this exchange rate is a record low,” said Thailand. An exchange trader from Mae Sot told the Irrawaddy Times.
Currently, if you give Myanmar money and get Thai baht in the foreign exchange market, you will be charged 1350 Thai baht per 100,000 Myanmar money (74 kyats per 1 baht) and If you pay Thai baht and get Myanmar currency, if you pay 1,450 baht, the exchange will be done at the rate of 100,000 Myanmar kyat (68 kyat per 1 baht).
The value of the Myanmar Kyat, which has continued to decline after the military coup
2021, 8 months after the military coup. In September, the price of Myanmar Kyat was 50 Kyats per 1 Thai Baht, and 10 months later, the value of Myanmar Kyats has dropped to 74 Kyats per 1 Thai Baht.
In the external market, while the price of 1 Thai baht is 74 kyats, the Central Bank under the Military Council has issued a price of 59 kyats per 1 Thai baht. The difference between the Central Bank specification and the external market price is around 15 Myanmar kyats per 1 Thai baht.
Due to the declining value of Myanmar Kyat, imported construction materials, Aluminum, food, consumer equipment A Burmese businessman from Mae Sot said that the prices of medicine and other imported goods will continue to rise.
“Now the Thai baht, The value of the Chinese yuan and the US dollar is not falling. Burmese kyat is falling alone. So food imported from abroad, medicine consumer equipment “Construction materials and everything bought from abroad will definitely increase in price,” he said.
Currently, as the value of the Myanmar kyat continues to fall, traders who hold Myanmar currency continue to suffer losses, and due to the instability of exchange rates, some exchange businesses on the Thai-Myanmar border have also stopped operations.