Gold, dollar prices decline consecutively as gaining foreign revenues
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Khit (NP News) - Sep 14
Gold and dollar prices are consecutively declining as foreign incomes including export earnings return into the country, business persons told.
Today market forex rate is 3,150 Ks. for 1 USD.
The market forex rate was constantly falling these days as it was: 3,650 Ks. per a dollar on September 9; 3,620 Ks. on September 10; 3,600 Ks. on September 11; 3,480 Ks. on September 12; and 3,250 Ks. on September 13
Myanmar’s kyat is witnessed currency appreciation in the market within these days as kyat value rises approximately 350 per dollar.
“Now, we return foreign earning especially from export sector. Again, there are other foreign earnings including remittances from expatriates. Therefore, forex rate will be declining gradually till end of September,” a business person told NP News.
Forex rate set by the Central Bank of Myanmar is 2,100 Ks. for a dollar. However, the market forex rate skyrocketed up to 4,500 Ks. per dollar as the highest price in recent weeks.
“People who use dollars are allowed to hold the dollars for a month. When their dollar income transactions reach a month, they have to change them with kyat at the central bank. Since September 8, dollar has been incoming consecutively. The dollar price falls within these five days,” a businessman said.
Predictions are made that the dollar price may continue to fall up to lower than 3,000 Ks. The CBM is making corrections regarding to fall the forex rate.
Dollar circulation within the market at present doesn’t much more than 10m, said the businessman continuing that businessmen deliberately planned to raise the dollar price.
The central bank forbids intentionally dollar manipulation with high forex rate and illegal foreign currency trading online. Action will be taken against the violations, the central bank said.
Local gold price in previous week was over 3m Ks. for one tical of 24K gold.
Ministry of Mines sells gold coins to the public with a set price in order to control the gold price.
Local gold prices have been falling gradually since recent days; and it reaches 2,970,000 Ks. for a tical of 24K gold yesterday as the closing price.
The Ministry of Mines sells gold coins with 2,950,000 Ks. on the first day for a tical of 24K; 2,850,000 Ks. on the second day and currently the price is 2,750,000 Ks.