Kyat spirals to all-time low<\/p>\n
YANGON (AFP): Myanmar's currency, the kyat, has spiraled to an
\nall-time low against the dollar, triggering fears here of a major
\ngovernment anti-inflation intervention in the economy.<\/p>\n
On the black market, the truest indicator of the value of
\nMyanmar's currency, the kyat is now valued at about 400 to the
\ndollar, its lowest point in its history.<\/p>\n
In a commentary Sunday in the state-owned Mirror daily, a
\nwriter linked to the government said the state has recently
\nengaged in a \"market-friendly intervention\" in the economy in an
\neffort to prop up the kyat.<\/p>\n
This intervention reportedly includes government price
\nsubsidies for gasoline and diesel fuel and a concerted crackdown
\non the circulation of US dollars in Yangon and other tourist
\nsites.<\/p>\n
But the Mirror commentary denied persistent rumors the Yangon
\njunta would soon introduce 5,000 and 10,000 kyat notes in an
\nattempt to keep a lid on runaway inflation.<\/p>\n
\"Political adversaries and their lackeys ... are attempting to
\nstab the government behind the back\" by \"spreading false rumors
\nabout price manipulation,\" the commentary said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kyat-spirals-to-all-time-low-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}