The price of gold has risen by more than 36,000,000, and the price of one American dollar has reached more than 3,500 kyats after the suspension of foreign currency transfers in Myanmar accounts, including those of exporters/importers, Generals, Cronies .Singapore-based UOB bank UOB Bank will completely stop business operations with Myanmar banks starting next September, and the military council is facing difficulties in entering the global financial market. UOB Bank opened a representative office in Myanmar in 1994 during the reign of military leader U Than Shwe, and in 2015 received a business license as a foreign bank.
Foreign exchange rates have continued to rise since last June, when the United States imposed economic sanctions on two foreign banking institutions under the Military Council, Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB).
