Falling Kyat Forces up Rice Prices
30 May 2013
The recent decline in the value of Burma’s currency is putting pressure on domestic rice prices, according to a report by Mizzima. With the lower kyat, rice exports have grown more profitable, resulting in a diminishing supply of the staple food for the domestic market and prices that haven’t been seen in the country since Cyclone Nargis devastated the Irrawaddy Delta in May 2008. Demand for cheap Burmese rice has grown in China, Burma’s largest trading partner, since the kyat started falling earlier this year, reaching a low of 921.50 kyat to the dollar last week.