1 September 2022
@MT_News
Black marketers monopolizing the foreign exchange market in Yangon are now evading arrest, while skyrocketing fuel, dollar and gold prices have started to fall on 1 September.
A forex market analyst said: “Those black marketers are still at large.”
Per dollar price in the forex market fell to Ks-3,500 on 1 September after it reached Ks-4,300 the day before, according to the forex market.
Although the black marketers in Yangon have not been apprehended, those in Myawaddy are under arrest, it is learnt.
As a result of this campaign, Thai Baht has dropped slightly, according to a Myawaddy-Mandalay trader.
Under the decision of the Foreign Currency Supervisory Committee, the Central Bank of Myanmar released that over US$- 200 million will be contributed via forex market to alleviate the rising commodity prices caused by high fuel price. This led to a continuous drop in fuel and gold prices.
The fuel prices have declined by Ks-200 per liter while the opening price for one tical of pure gold is about Ks-3,200,000 on 1 September. The selling price of pure gold is Ks-3,000,000 and buying prices, Ks-2,800,000 in the market on 1 September.
A gold shop owner said: “Now the gold price has decreased from Ks-3,800,000 to Ks-3,000,000 per tical, dropping by Ks-800,000. The gold price is still dropping but the future is still uncertain.”
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