for businesses, particularly those involved in foreign trade. Source: Nation Multi media, to see the original article click link here. There will always be a shortage of dollars to meet domestic needs. Well also help ensure that. We (business people) are not worried about making losses. Unlike food products, it usually takes time to sell a car here. Meanwhile, a shortage of foreign currency to facilitate imports in the domestic market is also driving up the value of the dollar versus the kyat. Since the CBM began selling dollars to private banks on July 27, the dollar has actually risen by more than 2pc. Outbound tourism hit, if the government fails to curb inflation in time, then all lines of business will be in trouble, resulting in a lack of job opportunities and declining investor confidence, he warned.
Dream Travels and Tours Co, said the forex instability has severely impacted the nations outbound tourism market. In order to ensure kyat depreciation does not hurt our trading activities, we are now encouraging local businesses to produce value-added products and export them to other countries more than ever, he said. In the meantime, the Union. On August 13, for example, it agreed to remove the.8pc trading band above or below the CBMs reference rate within which banks and money changers are allowed to conduct forex transactions, according to a statement released by the CBM.
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AUD 1/-K 1,152.0, bangladesh Taka, bDT 1/-K.754, brazilian Real bRL 1/-K 420.20. Exporters have also seen a drop in earnings. The cross rates for these currencies are based on the reference rates published. For local traders, that implies pricier imports, which, in turn, translates into rising costs of a range of goods from petrol, food, construction materials, car parts and industrial machinery. Our main concern is that things will be more difficult for us to do business here, he said.
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