Myanmar banknotes are seen during an illegal exchange inside a house in Yangon, Myanmar, September 24, 2021. Picture taken September 24, 2021. REUTERS/Stringer
MYANMAR – According to the domestic economic market, the exchange rate of the US dollar is 5,500 kyats and the price of a tical of gold reached a record-breaking level of around 69 lakhs.
On August 1, the global gold price was fluctuating around 2,400$ per ounce, and Myanmar’s gold price continued to rise with the rising exchange rate of the US dollar. The estimated price of a tical of gold reached around 69 million kyats. As for the market, there are only buyers and fewer sellers and almost no transactions due to skyrocketed market prices.
“The price of gold is rising every day, so it’s a mess. There are buyers but no sellers. It’s hard to make sales due to fluctuations. Many people are monitoring the price and the situation and the potential further rise is estimated. I think a tical of gold will rice to 70 million Kyats within a week,” said a Yangon gold trader.
The U.S. dollar also continued to rise, and the Myanmar Kyat continued to fall in value. Foreign exchange brokers shared that the Kyat’s value is plummeting like never before.
“The fact that the exchange rate is rising every other day may be due to the deteriorating value of Kyat. These resulted from a falling economy, the effects of the war, and the junta regime’s endless printing of banknotes. With all factors combined, the value of the kyat is indeed falling. I don’t know how much this would go on. The market price is changing too fast,” said a (large-scale) dollar dealer in Yangon.
Arrests have been made frequently by the junta regime claiming that gold prices and silver prices are in turmoil due to greedy people and dealers. The continuous declination of the kyat value this time is a record-breaking plunge, stated the market experts.
