The central bank set the exchange rate for the dollar at 1,853 kyat per dollar on April 3, and the council is working to open the local gold market at that rate.
The military council is trying to control the domestic gold market, but has not yet been able to sell it at that price due to the large price gap between the market price and the central bank.
One entrepreneur said: “They set the opening price as they want it to be. Traders can not trade at that price. “There has been almost no trading in the market for over a week now.”
The Myanmar Gold Market has been in turmoil since the Yangon Gold Association announced on April 8 that it would trade gold at the exchange rate set by the central bank.
There has been a lot of volatility in the gold price, making it difficult for outside gold shops to set prices and a drop in the gold trade.
A gold trader said, “Some shops do not dare to sell bark. It is being monitored. Some are for sale. The exact price is no longer available. It means you sell at your own price. There is a trade in clothes, ”he said.
On April 28, the Yangon Region Gold Entrepreneurs Association (YGEA) set the price at 2018,000 kyats per kyat set by the central bank at the central bank rate, but the actual outside price was around 250,000 kyats and the market was in turmoil.
The Yangon Division Gold Miners’ Association is responsible for stabilizing the gold price in the country. He said he was planning to import gold to prevent a shortage of raw materials.
Today, the opening price of the Yangon Division Gold Association was 2024,000 lakh kyats per kyat, which was slightly lower due to the fall in the world gold price, but the outside gold shop market was trading at around 2030,000 to 2050,000 kyats.
The exchange rate between the Myanmar kyat and the dollar remained stable at around 1030 kyats per dollar in the external market from 2010 to 2030.
The kyat has depreciated sharply since the military coup, reaching a record high of 2,700 kyat to the dollar in late September, and a record high of 2220,000 kyat.
