Shwe Phee Myay, Mar 26, Muse
The exchange rate for 100 Chinese Yuan has risen to over 60,000 Myanmar Kyats in the China-Myanmar border towns of Muse and Namhkam in northern Shan State, according to the local residents.
A resident of Namhkam told Shwe Phee Myay that while 100 Yuan was valued at just over 55,000 Kyats in February, the rate has now surged past 60,000 Kyats as of March 24.
“Last month, it was only around 57,500 or 58,000 Kyats. This month, it has already cleared the 60,000 mark. The rate is different between yesterday and today; the price hike is incredibly fast. Yesterday, March 23, it climbed from 61,200 to 61,300 Kyats. We just can’t keep up with the exchange rate,” he said.
According to the resident, the current market rate in Namkham has reached 62,500 Kyats for buying and approximately 61,500 Kyats for selling 100 Yuan.
A woman living in Muse reported that the Chinese Yuan exchange rate has become extremely volatile and unstable.
“Today, the rate is 61,500 Kyats. If you use Kpay, it goes up to 61,800. The rate changes every single day. It never drops; it just keeps climbing. As the exchange rate rises, commodity prices follow. Nothing is going well,” she told Shwe Phee Myay.
A similar crisis occurred in August 2024, when the rate for 100 Yuan spiked to as high as 90,000 Kyats.
Local residents now say they are facing mounting hardships as the cost of basic goods continues to rise in tandem with the surging Yuan exchange rate along the border.
Before the military coup, the exchange rate for 100 Chinese Yuan stood at around 20,000 Myanmar Kyats. Since then, rapid currency inflation has driven up the cost of goods, leaving the public to shoulder the burden of severe economic hardship.
~ ~ ~
Translated by #KLT
~ ~ ~
You can read and listen to our Shwe Phee Myay’s reports, not only on Facebook and our Website, but also on the following channels:
