Losses and Gains in Foreign Exchange: An update on global currency - September 2021

    Oct 28, 2021 @ 05:42 AM / by Georgio Papakonstantinou

    6.Yangon.Myanmar

    Losses and Gains in the Foreign Exchange: September 2021

    This month’s changes resulted from specific economic niches ranging from rising prices in raw resources, political instability, and an increase in tourism. COVID-19 continues to impact the economic future of certain nations as travelling restrictions are set between countries. Below are AIRINC’s summaries of the rate changes above 3.5% taken from our review last week.

    Currencies Losing Value against the USD: 

    MMK – Myanmar Kyat

    Myanmar’s currency depreciated due to civil unrest and political instability. Unemployment, the cost of goods, and demand for the U.S. dollar increased significantly after the military seized power. Exports stopped and a sanction has prevented U.S. currency from entering the country. Many multinational corporations exited the country resulting in a decrease in foreign investment. Under the direction of the military regime, the Central Bank removed a limitation with currency trading, which allows currency exchanges at a wider spectrum of rates.

    Currencies Gaining Value against the USD: 

    SCR – Seychelles Rupee

    The increase of tourism to the Seychelles has helped the country decrease its budget deficit for 2021. Revenue from the tourism sector exceeded expectations in the first half of 2021. Additionally, the government received its first loan disbursement from the IMF following the approval of its economic reform program. Domestic growth expectations were shattered, and projections were updated.

    ZMW – Zambian Kwacha

    The Kwacha continues its appreciation due to increased confidence from investors after Hakainde Hichilema won the presidential election in August. There are expectations that he will help the country improve its budget deficit and public debt. There is concern over increasing food prices, but future economic outlook is positive.

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    Topics: Currency Volatility, Hardship, foreign currencies, expatriate exchanges, Global Mobility, Currency Devaluations, COLA, exchange rates, Hyperinflation, Zambia, Insights and Experience, Myanmar, Inflation, Seychelles

    Georgio Papakonstantinou

    Written by Georgio Papakonstantinou

    Georgio joined AIRINC in the summer of 2020 as an Airfare Analyst and in 2021 transitioned to a data analyst. During his time in airfare, he has done extensive research and analysis for airfare pricing throughout the year. He received his B.A in Economics from the University of New Hampshire. He is based in the Cambridge office.