YANGON DIVISION – Yangon-based businessmen and major foreign exchange brokers say that in the domestic business market, the US dollar has reached a record high of over 5,300 kyats.
The terrorist junta council announced on July 26 that it will pay a monthly allowance of 30,000 Kyats to government employees and retirees nationwide starting from August 1. Due to the announcement, inflation worsened and rumours that new banknotes will be printed pushed the dollar and gold prices to hit record highs every day.
“The price of US dollar is between 5,300 and 5,350 Kyats per dollar. If you buy it face to face, it will be more expensive. But there is none in hand. If you can pay in advance and wait for the money, you can get it,” explained a large foreign exchange dealer from Yangon.
In addition, the price of gold has increased to 65,50,000 kyat per one tical (16.6 g) of pure gold, according to the market.
“When the dollar price goes up, so does the price of gold. The price is going to keep rising up. Some gold traders have been taken from their homes by the junta Bureau of Special Investigation and Military Security Corps. Many of them just take a break from their business and are observing. The price can’t be controlled. It’s going up and up,” explained a big gold trader from Yangon.
