Forex rate and gold price gradually drop in Myanmar
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Khit / Myo Gyi (NP News) - Sep 29
Foreign exchange rate and gold price that were soaring in previous few months are now declining gradually in the domestic market, where the dollar rate declines up to under 3000 Ks. and gold price drops around 25 lakhs of kyats continuously, according to the source from the market.
According to market prices on September 28, the forex rate dropped up to 2900 Ks. per dollar.
“There was not much transaction in the market. The sellers want to sell above 3000 whereas the buyers buy only fewer than 3000 kyats. Today, some banks don’t make deal at 3000. The exchange rate will be continuing falling,” a businessman said.
The forex rate soared up to more than 4000 kyats in the market.
Currently, the dollar price reaches fewer than 3000 kyats in the market.
The Central Bank of Myanmar recently issued order that the foreign salaries earned by the seafarers and remittances of Myanmar national expatriates are allowed to use independently.
Also, the 24K gold price has dropped to 2,570,000 kyats per one tical, according to the market information. In fact, the gold price soared up to 3,500,000 kyats per one tical in the domestic market in few weeks ago.
The Ministry of Mines sells 24K gold coins in Naypyidaw, Yangon and Mandalay to maintain the domestic gold price stable.
Today, the Ministry of Natural Resources and Environmental Conservation announces 6 visses of gold bar will be sold under tender system to the public.