MYANMAR – In the local market, the US dollar and gold prices are rising to record highs, and today’s market is 3,820 kyats per US dollar. According to market reports, the price of pure gold rose to a record high of 44,200,000 kyats per 16.6 grams.
“Both the gold price and the dollar price set records yesterday. Today, they broke records again. The main thing is that the political crisis is only going to get worse. The economy is not going to get better. Many more young people will die because of the conscription law. Everyone is running away from home to abroad. The rise is mainly due to the uproar. This is the real truth,” said a gold trader in Yangon.
At present, gold trading is not done at the office of the Yangon Region Gold Traders Association, but they trade outside with their own connections. There are also many gold traders who were arrested and examined by the army. Gold traders say that the political situation is bad, and in the long term, only the external black market will work.
In the foreign exchange market, the Thai Baht has reached a record high, and the price of Myanmar Kyat per Thai Baht has risen to 106 Kyats, according to market reports.
“The value of the kyat is going down. There are only kyat sales. There are many Baht purchases,” said a money changer connecting Yangon and Bangkok.