MYANMAR – In Myanmar’s gold market, when the price of one tical of pure gold exceeds 3,100,000 kyats, the junta’s council arrested and prosecuted some gold shops and gold merchants in Mandalay and Yangon.
On June 1st and 2nd, the military council raided some goldsmiths and shops selling pure gold in Mandalay. They said they found out there are playing the price of dollars and currencies, importing and exporting gold illegally. Hence, the junta army arrested and prosecuted some goldsmiths and gold shops who are allegedly engaged in those activities. Similarly, some gold merchants in Yangon are being investigated by junta council for money laundering.
Some of the arrested gold shops and gold merchants are still being investigated, by the Anti-Money Laundering Act. The Junta’s Council has said that action will be taken in accordance with the Foreign Exchange Management Law.
At the time of the junta council arrested and prosecuted some gold shops and gold merchants, it was reported that the price of pure gold rose to 31,300,000 kyats per one tical. The exchange rate of US dollar is almost 3100 kyat per dollar.
“If the dollar is bought by the bank notes, it is between 3,000 and 3,100. In the gold market, the price of gold is calculated at 2,978 kyats per dollar. There are more sales of gold than purchases. The price of gold rises because the dollar price rises,” said a gold merchant.