Myanmar currency stabilising on new measures

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.

The kyat lost more than 60% of its value in September, driving up food and fuel prices in a fragile economy that has languished since a Feb. 1 military coup and is on course for a double-digit contraction this year. 

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. “The rate is coming down to what it should be under normal circumstances,” he said by telephone.