Dollar reaches Ks1,171

The dollar has now reached Ks1,171 on the unofficial markets, sources report.

The rate of the dollar increased on June 2, leaping from Ks1,152 on June 3 to the current value.

The Central Bank increased its reference rate to Ks1,105 from Ks1,097.

It installed a limiter on May 27 that restricted exchanges to US$5,000 per exchange as well as controlling the exchange of two other currencies: the Thai baht and Malaysian ringgit.

Private banks have also scaled their exchange rates up with selling rates of around Ks1,114 and buying rates of Ks1,105.

It is an unprecedented rise in the dollar since the foreign currency exchange market was controlled in 2012 when the going rate for a dollar was Ks815.

Source: Eleven Myanmar

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