MYANMAR – The news of the junta council giving an additional 30,000 Kyats to all government staff and retirees starting August 1 caused the USD exchange rate to increase by around 100 Kyats and the price of one tical of gold to jump to around 6.2 million Kyats.
The junta council announced that they will pay an additional 30,000 Kyats to the government staff and retirees starting August 1, the second time after a similar payout in October, 2023.
It is said that the announcement by the junta council caused ripples among the domestic market, pushing the gold price and the exchange rate.
“The USD price is 5,000 Kyats per USD but the actual price is 5,100 Kyats. There are so many buyers,” said a currency exchange shop in Yangon.
Similarly in the gold market, one tical of gold is priced at over 6.2 million Kyats with the number of buyers increasing. It is said that the gold price rose in the domestic market despite the price falling in the global market due to the news of the increased salaries.
