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The CBM is monitoring the foreign currency market to prevent price manipulation, a key reason for exchange rate destabilization. dollar to control market fluctuation in the wake of continuous kyat depreciation. Over a recent period, the Central Bank of Myanmar (CBM) announced removing trading band of +/- 0.8 percent on exchange of Myanmar kyat against U.S. dollar by strictly forbidding pricing, trading and payments by dollar in the country and conduct trading with currencies of neighboring countries as an alternative. The business circle has called on the government to reduce reliance on U.S. cents) per liter while one liter of high-quality premium diesel was sold for 1,065 kyats (67 U.S. cents) per liter and Octane (95 RON) at 1,075 kyats (67.2 U.S. dollar appreciated, registering the price of Octane gasoline (92 RON) at 1,025 kyats (64 U.S. Meanwhile, domestic fuel price rose up as U.S. dollar exchange rate as 90 percent of the country's medicine relies on import, said Saw Nay New, a member of the Myanma Pharmaceuticals and Medical Equipment Entrepreneurs Association. However, pharmaceuticals produced by the state-owned industries remained stable in price as the Myanma Pharmaceutical Industries has enough foreign pharmaceutical ingredients to continue production without raising the price of their finished products.īut there will be some repercussions due to rising U.S. Local people especially those with low-income are battling with the high prices of food and imported pharmaecuticals due to the drastic increase of the exchange rate in the country. High commodity price will have a big impact on working class people," Soe Tun, chairman of Myanmar Motor Vehicle Producers and Distributors Association, told Xinhua. "We need to boost export sector as Myanmar sees a significant unbalance between export and import market. dollar exchange rate, prices of imported commodities and raw materials which are vital in the manufacturing sector reached its peak.Įxporters could not earn much profit as they have to buy raw materials for production. dollar exchange rate continued to rise sharply to 1,630 kyats per dollar in the country's domestic market on Friday as a follow up of the jump to more than 1,500 kyats per dollar since early August as set by the Central Bank of Myanmar.ĭue to the rapid rise of U.S. dollar exchange rate against Myanmar kyat has reached its historical high level, affecting import market and prompting commodity price hike in Myanmar.