Myanmar weighs change in exchange rate

Plan prompted by rise in kyat's value against the US dollar, which is threatening exports and hitting farmers.

    The government of Myanmar is planning to change the country's official exchange rate for the first time in almost four decades.

    The country's currency, the kyat, is soaring in value against the US dollar, threatening exports.

    Economists believe that huge inflows of foreign cash for infrastructure projects, high oil and gas prices, and a mass sell-off of government assets are combining to drive the kyat up.

    Farmers, who constitute almost 70 per cent of the country’s economy, are being hit very hard.

    Al Jazeera's special correspondent reports from Yangon. Because of Myanmar's restrictions on media, we are not naming her.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.