October 03, 2022
Kyat has strengthened against foreign currencies in the forex market. A dollar is exchanged for around K2,800.
The hard currency US dollar hit a high of over K4,500 in the forex market in August-end. The current exchange rate is around K2,800 on 29 September.
Similarly, a Chinese Yuan was worth K580 in August. On 29 September, the exchange rate of the Chinese Yuan fell to K400.
Additionally, a Thai Baht was exchanged for K100 and K100,000 was valued at only 850 Thai Baht last month. On 29 September, the exchange rate of the Thai Baht against Kyat was K75 and K100,000 was converted into 1,330 Thai Baht.
Consequently, Myanmar Kyat rose in the forex market these days.
The soaring exchange rates against the local currency last month caused the imports to nearly come to a halt, importers said.
That being so, agricultural machinery and related equipment were exempted from obtaining import licence from 1 September, the Trade Department under the Ministry of Commerce notified on 31 August.
In a bid to support the country’s agricultural development and facilitate the imports of agricultural machinery, 70 HS lines concerning the agricultural machinery and equipment were eased from licensing requirements.
Between 1 April and 16 September in the current financial year 2022-2023, goods worth $6.82 billion by sea and goods worth $978 million were imported into the country. Imports of consumer goods, capital goods, intermediate goods and raw materials by CMP businesses accumulated to US$7.79 billion.
In the corresponding period last FY, Myanmar imported goods worth $6.345 billion from foreign trade partners, with maritime imports valued at $5.027 billion and imports through border channels worth $1.317 billion.
Sea-borne imports were up by $1.78 billion yet border imports declined by $339.9 million compared to those recorded in the corresponding period last year. — NN/GNLM