MYANMAR – In Myanmar’s domestic economic market, one US dollar has reached around 5,000 kyats, and one tical (16.6 g) of pure gold has reached 6,100,000 kyats, according to market research.
“There is a lot of buying. The world gold price has gone up a little, but domestic purchases have led to a surge in gold prices. Also, the US$ price has also gone up. Domestic gold production is relatively low because of the rainy season. There is no material (gold) in the market, and the gold price has shot up due to the high demand. If you buy gold at a shop, gold is sold at 6,150,000,” a Yangon gold merchant said.
In US dollars, the price is between 4,980 and 5,000 kyats per dollar, and if you buy the bank notes (US dollars) outside, you will have to pay up to 5,050 kyats per US dollar.
“Right now, there is a lot of demand for US currency notes. Even when it is brought from Thailand in packages, there are not enough. Everything that comes in is sold out. Demand is very high,” explained a foreign exchange broker in Yangon.
Despite Junta Council’s arrests of gold traders and foreign currency traders, the value of the kyat plunged to a record without being able to control the market.
