Yangon news, at about 1:00 noon on September 10th, in the gold market, although the price of one piece of gold reached 1845000 kyat, there were many buyers. .
The owner of a well-known gold shop in Yangon said that today the price of one piece of gold is 1845000 kyats. If you buy gold today, you have to pay at today’s market price first, and then go to next Tuesday To get gold. Receive the money first, and deliver the goods in about 4 days. Because today’s gold was sold out early in the morning, and the queue for the next two days to withdraw the gold was already full, so those who paid today can only withdraw until next Tuesday.
Similarly, the private transaction exchange rate of the US dollar is between 1 to 1970-2000 kyats, and the transaction is not exchanged at the market price, but at the price reached by the buyer and the seller.
A businessman who trades in U.S. dollars said that although the market price of U.S. dollars is 1 to 1970 kyats, the actual transaction price is more than that, because I want to add more money to the seller, so it reaches 1 to 2020. Around kyats. And the transaction needs to be an acquaintance in order to conduct a transaction. To strangers, no one dares. The legal exchange shops only offer prices. Although they offer a price of 1:1730-1748 kyats, they do not trade.
Domestic gold dealers estimate that if this continues, the kyat will continue to depreciate, and the dollar exchange rate is estimated to reach 1 to 2200 kyats.
1 gold dealer said,Affected by the political situation, the kyat continued to depreciate, and many merchants began to refuse to accept the kyat.
It is reported that before the military took over the government, Myanmar’s inflation rate was 2.6%. Seven months after the military took over, the inflation rate was 31% in mid-August. According to a report by Johns Hopkins University, Myanmar’s inflation rate has ranked 9th among the countries with the highest inflation rate in the world, and the exchange rate on September 10 showed that the inflation rate reached more than 50%.
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