The use of the Myanmar Kyat has significantly declined in the border town of Three Pagodas Pass and nearby areas due to the currency’s unstable value, local sources report.
Since the end of July, the exchange rate for the Myanmar Kyat has fluctuated wildly in the Thai-Myanmar border markets, with one hundred thousand Kyat being worth only around 700 Thai Baht.
Local businesses, including eateries and tea shops in Three Pagodas Pass, have stopped accepting the Kyat due to its diminishing value. A trader from the Mawlamyine-Three Pagodas Pass route said, “Border shops only accept Kyat when they have to. Most prefer Thai Baht. Only a few who still have ties with Myanmar accept Kyat out of sympathy. But generally, the use of Kyat has declined, and people are now collecting Thai Baht.”
Similarly, some roadside vendors and gas stations along the Three Pagodas Pass-Mawlamyine route have also started using Thai Baht instead of Kyat. A local woman said, “People at the border are using and saving more Thai Baht. If they need to exchange it back, they can, but they don’t want to keep Myanmar Kyat because its value keeps dropping.”
Money transfer operators have noted that the recent devaluation of the Myanmar Kyat is one of the worst they’ve seen. Early in the military coup, the Three Pagodas Pass area only accepted 5,000 and 10,000 Kyat notes, but now these notes are not accepted at all.
Currently, the military junta is reportedly cracking down on money changers and foreign currency traders, who they suspect of manipulating the currency.
