Published
Monday, August 16, 2021
Myanmar Kyat reaches record high of 1,730 to the dollar
Photo: A man holds new Myanmar kyat banknotes with a portait of the late general Aung San, outside the Myanmar Economic Bank in Naypyidaw on January 7, 2020. Photo: AFP
The Myanmar Kyat reached record highs of 1,730:1 against the US dollar on Friday, according to DVB.
Speculators turned increasingly bearish on Myanmar's creaky currency after news broke that the Central Bank of Myanmar (CBM) would begin printing money with the help of Russia and Belarus, promoting fears of inflation.
Rumours that the CBM was about to remove 5,000 and 10,000 Kyat notes from circulation were denied by the junta.
