(K) to the US dollar, whereas the open market exchange rate ranges from about K900 to K1000 to the US dollar (Soe 60).
While the dollar buys about 6 kyat
at the official exchange rate, the black market rate is about 300 kyat
Paid up capital for incorporation of a company must be a minimum of 300,000 kyats
for a service company and 1,000,000 kyats
for a manufacturing company.
At the same time, the exchange rate on the black market -- which has been more or less under control since 2012 -- shot up to more than 1,100 kyat
to the US dollar.
The International Monetary Fund cautioned in a report this month that the kyat
had been overvalued by as much as 40 percent this year, and that any further rise could hurt the economy.
Inflation remains elevated and there are pressures from rapid money and credit growth, kyat
depreciation and possible electricity price hikes.
When these businesses cashed in their FEC for kyat
, the local currency, they received less money than the bills were worth.
That would be followed over the next 12 months by a managed currency float of the kyat
and the introduction of an interbank currency market, which would allow authorities to intervene and influence the rate.
President Thein Sein in a speech broadcast Thursday said the dollar has fallen from 800 kyat
to 750 kyat
, dealing a blow to Myanmar's exporters.
Other drugs that are abused in Zambia include heroin, cocaine, and kyat
We are investing approximately 30,000 kyat
A directive that would make it mandatory that all local transactions be completed in Myanmar kyat
will be issued by the end of this year.