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Burmese kyat plunges as laundering law hits, border set to reopen
Published:  Aug 18, 2002 9:28 AM
Updated: Jan 29, 2008 10:21 AM

Burma's currency, the kyat, has plunged more than 17 percent against the dollar over recent days, in the latest shock to hit the military-run nation's crippled economy, traders and analysts say.

The recent introduction of a money-laundering law, the prospect of Thai border checkpoints reopening from Sunday and a continued crackdown on illegal currency trading are all contributing to the kyat's fall.

"Never mind that the dollar is not doing well elsewhere... it is a scarce commodity (here)," said one small importer.

Burma Economic Holdings, a military-owned corporation, has also ventured into the market to purchase dollars in recent weeks, observers said, fuelling the decline.


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