IN THE normal circumstance, appreciation of currency is a good news for its country people. However my fellow citizens are not acting the same when this kind of scenario. Of course, everything in Myanmar is strange from outside world. These days, the news of our currency's appreciation was spreading online and several reports has been the same unwanted comment. That is domestic commodity price is not reflecting the appreciation of our own currency. Then what's been affected by this news? People find short of monetary flow in the market and hard to earn enough wages to cover daily expenses.
The migrant workers like me were among the list of top hit from this news. Because we need to send back our foreign wages to home at the end of the month and seeing exchange rate drop sharply make us considerably upset. What can we do but accept the situation? For those who can afford to retain their dollars might avoid the unwanted exchange rate with the prospect of rising sooner or later. Some economist guessed this is due to vast incoming foreign money from different sectors such as FDI at our natural resources, trading of heroine and gems, recent auction of privatizing from government own land and properties. I don't know which reason is right as I am not an economist. But I know for sure is we suffer from this appreciation that make our household income less.
In the past, the domestic traders would increase the rate of things when our money depreciated and they would cite dollar appreciation as a reason. Now the appreciation of our own currency against dollars and nobody bother it to reduce their rate. Instead, they continuously loud for their suffer from foreign trade. As a result, rich people become richer and grass-root people become falling into the deeper of poverty. What the new government can do in the effort of mitigating impact of this for the benefit of people? We don't think so that necessary action would be taken by authority. As we all are very much used to such situation and we'll think as usual that 'This too shall pass away' finally.
May our currency able to enjoy its appreciation as it is.
Exchange Rate at a glance.
1 US$ = 1,000 Ks (before) ; 785 Ks (now)
1 SG$ = 900 Ks (before) ; 650 Ks (now)
The migrant workers like me were among the list of top hit from this news. Because we need to send back our foreign wages to home at the end of the month and seeing exchange rate drop sharply make us considerably upset. What can we do but accept the situation? For those who can afford to retain their dollars might avoid the unwanted exchange rate with the prospect of rising sooner or later. Some economist guessed this is due to vast incoming foreign money from different sectors such as FDI at our natural resources, trading of heroine and gems, recent auction of privatizing from government own land and properties. I don't know which reason is right as I am not an economist. But I know for sure is we suffer from this appreciation that make our household income less.
In the past, the domestic traders would increase the rate of things when our money depreciated and they would cite dollar appreciation as a reason. Now the appreciation of our own currency against dollars and nobody bother it to reduce their rate. Instead, they continuously loud for their suffer from foreign trade. As a result, rich people become richer and grass-root people become falling into the deeper of poverty. What the new government can do in the effort of mitigating impact of this for the benefit of people? We don't think so that necessary action would be taken by authority. As we all are very much used to such situation and we'll think as usual that 'This too shall pass away' finally.
May our currency able to enjoy its appreciation as it is.
Exchange Rate at a glance.
1 US$ = 1,000 Ks (before) ; 785 Ks (now)
1 SG$ = 900 Ks (before) ; 650 Ks (now)
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