Dollar Loses Luster Against Asia s Top Performing Currency of 2020
Bloomberg 12/23/2020 Khine Lin Kyaw and Chester Yung
(Bloomberg) Zaw Moe Ko was happy that his boss in Myanmar’s commercial center of Yangon pays him in dollars until the pandemic struck. Now he can’t get rid of them fast enough.
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“I feel safer now when I have kyat rather than U.S. dollars,” he said, in what’s become a more widespread vote of confidence in the local currency. “If I only have U.S. notes, it will be hard for me to buy goods in a local market.”
YANGON: Zaw Moe Ko was happy that his boss in Myanmar’s commercial centre of Yangon pays him in dollars – until the pandemic struck. Now he can’t get rid of them fast enough.
“I feel safer now when I have kyat rather than US dollars, ” he said, in what’s become a more widespread vote of confidence in the local currency.
“If I only have US notes, it will be hard for me to buy goods in a local market.”
In a year that’s upended so many norms, the dollar’s crown has slipped.
The world’s reserve currency is trailing its Group-of-10 peers, but its slide is most evident in some shallower markets on the fringes of global finance. The kyat has gained as much as 11% versus the dollar – Asia’s best performance.
Dollar Loses Luster Against Asia s Top Performing Currency of 2020
Bloomberg 12/23/2020 Khine Lin Kyaw and Chester Yung
(Bloomberg) Zaw Moe Ko was happy that his boss in Myanmar’s commercial center of Yangon pays him in dollars until the pandemic struck. Now he can’t get rid of them fast enough.
Popular Searches
“I feel safer now when I have kyat rather than U.S. dollars,” he said, in what’s become a more widespread vote of confidence in the local currency. “If I only have U.S. notes, it will be hard for me to buy goods in a local market.”
Dollar Loses Luster Against Asia s Top Performing Currency of 2020
Bloomberg 12/23/2020 Khine Lin Kyaw and Chester Yung
(Bloomberg) Zaw Moe Ko was happy that his boss in Myanmar’s commercial center of Yangon pays him in dollars until the pandemic struck. Now he can’t get rid of them fast enough.
Popular Searches
“I feel safer now when I have kyat rather than U.S. dollars,” he said, in what’s become a more widespread vote of confidence in the local currency. “If I only have U.S. notes, it will be hard for me to buy goods in a local market.”