The "collapse" of the kyat's devaluation! 1 yuan can be exchanged for 505 kyats, and 1 dollar can be exchanged for 3,770 kyats
According to the National Bank of Myanmar, on March 22, the central bank sold 5 million yuan and 50 million baht to importers and exporters through Online Trading Paltform.
This is the fourth time that the central bank has sold foreign currency to importers and exporters through Online Trading Paltform, which is the fourth time in March 2024.
The central bank sold US$5 million (50 million baht) on February 2 to importers and exporters through Online Trading Paltform, 7 million yuan (12 million baht) on March 5, 50 million baht on March 9 and US$5 million on March 14. Within a month and a half, $10 million, 7 million RMB and 112 million baht were sold to importers and exporters through Online Trading Paltform.
On March 22, another 5 million yuan and 50 million baht were sold. Towards the end of the 2023-2024 fiscal year, the central bank continues to sell foreign currency to importers and exporters.
In the external foreign currency market, at the beginning of 2024, the US dollar was stable at around 3,500 kyats per dollar, and began to rise after entering February. Today (March 22), the US dollar rose to 1 to 3,770 kyats, 1 yuan to 505 kyats, and 1 baht to 103 kyats.
The domestic gold price in Myanmar hit a record high, with the first gold breaking 4.2 million kyats
Myanmar media reported that on March 22, the price of gold in Myanmar rose to 1.2 million kyats, a record high.
Before February 1, 2021, the price of gold was around 1.3 million kyats, but the current price of gold has risen to 4.2 million kyats and 2.9 million kyats.
Gold traders said that the recent record increase in gold prices is related to the Bank of America's plan to cut interest rates. On March 21, the international gold price rose by about $46 per ounce, so Myanmar's domestic gold price also rose.
On March 22, the international gold price was $2,174 per ounce, and on March 21, it rose to $2,206 per ounce.
Gold prices rose at a record level due to the rise in international gold prices and the domestic situation in Myanmar, which led to the purchase of gold storage.
At present, in the external market, the price of gold is around 4.2 million kyats per 1 car, while the market price of Yangon released by the Yangon Gold Merchants Association YGEA is 3,795,800 kyats per 1 car.
On March 16, YGEA issued an information reminder that it would hold accountable those who speculated on the price of gold.