Mongolian Tugrik Meltdown Seen Cooling Down Myanmar Kyat: ChartBy
The freefall in Mongolia’s exchange rate may be cooling down the Myanmar kyat, which had been the world’s best-performing exotic currency this year until the tugrik started its epic 14 percent slide to a record low. The crisis that saw Mongolia’s new government struggle to pay salaries is a “wake-up call” for investors to be cautious about Myanmar, says Hirofumi Suzuki, an economist at Sumitomo Mitsui Banking Corp. in Singapore. The two countries -- one to China’s north, the other to the south -- have wide current-account deficits and are dependent on exporting commodities to their giant neighbor.
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