In Myawaddy, on the Myanmar-Thai border, the Thai baht has hit a record high against the dollar, leaving more than 10 lakh kyats in a day, according to money changers. On May 10, the exchange rate of the Thai baht was changed to 100,000 baht per 100,000 kyats, but by 12:30 pm on May 11, it had risen to 1,970 baht per 100,000 kyats, leaving a gap of 50 baht in two days.
At the Myawaddy border, the kyat is converted into Thai baht when buying goods, and the loss of more than 2,000 kyat for every 100,000 kyat converted from the Thai kyat to the Thai baht is high, depending on the amount of money. There is also a difference of about 50 baht between the Thai baht and the Thai baht transfer fee. You only have to pay 1970 baht to get 100,000 kyats in cash, but you only have to pay 1920 baht to get it in your account.
Despite the baht’s appreciation against the dollar and gold, prices are twofold. In addition, Myanmar Bank Account The cash exchange market is huge. The Thai baht has risen sharply as the Thai baht has been suspended from importing four Thai food items, including soft drinks. Banks are also hitting financial markets and affecting cross-border trade, said a border trader. Even though the goods have been sold, it is difficult to transfer money. As a result of the appreciation of the Thai baht, remittances from Burmese migrant workers to their parents in Thailand have increased since last month.
Source: Daily Eleven