from The American Heritage® Dictionary of the English Language, 4th Edition
- n. See Table at currency.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. The official currency of Myanmar.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. the basic unit of money in Myanmar
That could occur when officials record foreign payments for natural gas or other exports at the official rate of six kyat per dollar—greatly underestimating the payment's actual value in local terms—and then convert the money into kyat at the prevailing street rate.
A recent weakening of the dollar against the kyat in street markets has made it tougher for Myanmar exporters to compete overseas, adding pressure for further market reform.
The official government exchange rate is about six Myanmar kyat for every U.S. dollar, compared with roughly 800 kyat per dollar in public marketss—a gap that introduces a range of distortions to the Myanmar economy and makes it complicated to do business there.
Myanmar officials have repeatedly asked for more help from the IMF to help the government simplify the country's unwieldy foreign-exchange regime, which involves multiple exchange rates—including an official rate of about six Myanmar kyat per dollar, compared with a street rate of about 800 per dollar.
Phnom Penh Post/Agence France-Presse/Getty Images The Myanmar Times's Ross Dunkley in happier times The court set Mr. Dunkley's bail at five million kyat, or about $6,000 based on current exchange rates in Yangon, for each of the two charges he faces: drugging a local woman and violating immigration law by committing an illegal act.
Now, due to the announcement 50/2011, these companies now they have the right to exchange the dollar at the daily market rate which is closer to about 850 kyat per dollar.
The nation must fix basic things such as its currency, which has an official exchange rate of 6.5 kyat to the dollar and a street rate of 800.
Last week, several local banks were given the right to trade Myanmar's kyat for dollars, euros and Singapore dollars and a new automatic teller machine appeared in Yangon for the first time in several years.
They also made a beef jerky over the fire used to distill the local rice drink, kyat.
The cost of a 20-kilo bag of lower-quality grain has declined by 1,000 Myanmar kyat $153 to 12,600 kyat since last week, though prices of medium and high-quality grades continue to remain high, traders said.
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