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EXIM Businesses Seek to Curb Exchange Rate Free-fall

A $100-dollar bill is seen on top of Euro bills in Bogota, on July 12, 2022. - The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone. (Photo by DANIEL MUNOZ / AFP) (Photo by DANIEL MUNOZ/AFP via Getty Images)

Export and import business are definitely not happy with skyrocketing exchange rates, said Daw Khaing Khaing Nwe, the secretary-general of the UMFCCI in a meeting held at the Central Bank of Myanmar on August 19 to discuss the dramatic decline of Myanmar Kyat. “The current exchange rate in grey market is unreasonable and is much more than it should be. Basically, changes in exchange rate may vary depending on the demand and supply, but we cannot accept the current situation of unreasonable rise in exchange rate,” she explained in the meeting.

Meeting participants discussed the factors that contribute to exchange rate volatility, measures to be taken to bring the exchange rate to normal and the opportunities to cooperate between organisations and traders in pursuit of stable exchange rate.