Money changers hit by drop in value of Thai currency

By Lawi Weng
IMNA

March 8, 2008 - The value of the Thai currency having gone down has affected Burmese currency transfer of people and exchangers on the Thai-Burma border in Three Pagoda Pass , said a currency exchanger in Three Pagoda Pass.

The fluctuation has been caused by the unstable political situation in Thailand and the new government's link with the former Prime Minister who has come back home.

Many Thai businessmen do not want to keep a lot of money in their bank accounts and that is why the Thai currency rate has gone down, said a Thai businessman.

"I lost 700,000 kyat just in two days. So, I did not dare to buy Thai currency any more for exchange, said Than Lwin,” a money exchanger in Three Pagoda Pass.

The downward trend started on Monday and the price was one Thai baht for 36 kyat (in the black market). But yesterday the downward trend continued and it was one baht for 35 kyat.

This is the first time it has happened since 2007 explained Ma Yee, another currency exchanger in Sangkhlaburi. Normally, the ratio has been one baht to 36 kyat for a long time, she said.

The current Thai stock is inflated and it is causing difficulty for Burmese currency exchangers.

But, it has been good for Burmese businessmen, who export Thai goods to Burma. Thousands of Thai goods are exported to Burma every day through Mae Sot and Three Pagoda Pass.

Source: IMNA News