The rise of the US dollar now over Ks 1,100

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May 7, 2015, 7:19:14 AM5/7/15

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"The way I see it, those who have extra cash lying around exchanged kyats for dollars is one of the reasons (for the rate hike)," economist Myint Thaung said.

"Another reason is the increase in the usage of dollars in the service Industry. The other reason is that the dollar is becoming more and more reliable as a currency. These can be the reasons for the recent rise of the dollar. There can be many other reasons that we do not know about."

The Central Bank rate is Ks 1,080 per dollar.

“If the price of the dollar rises, inflation will occur, but since a trade deficit is showing, the price of our currency is also dropping," economist Soe Thein said. "Right now there are no official announcements from the government or the Central Bank regarding this issue. Outside sources only know from looking at the rough data."