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MYANMAR – In local Myanmar economic market, 16.606 g of gold is priced at about 5.5 million Myanmar kyats and one US$ is equal to about 4450 Myanmar kyats on June 14, as known from the gold merchants and foreign exchange traders.
“This morning (June 14), the global market price of gold increased a bit. The gold price in the local market is not expected to fall as the US$ price is strong again and the global gold price is increasing as well. The trading has resumed. As the report on Myanmar economy by the world bank has been published, Myanmar currency could not be expected to increase but it could keep falling,” said a local gold merchant.
Currently, the junta council’s central bank is tightly controlling the savings, withdrawing and money transfers by the private banks, which results in the falling trend of Myanmar currency, as said by the Private Bank Community.
Moreover, in Myanmar, due to the reckless actions of the junta regime, it is not easy for the businesses to operate in the country and hence the businesses have been transferring their wealth and their assets to the neighbouring countries, as said by the economic community.