Due to the crazy orders of the military council, the local dollar price and the gold price have been rising continuously since yesterday, and today the Burmese kyat rose to 2,400 kyats per US dollar. A few days ago, the dollar was only 2,000 kyats, and in a few days it jumped to 2,400 kyats. Before the military took power, on January 31, 2021, the foreign exchange rate was only 1,340 Myanmar kyats per US dollar.
Today, the bark gold price rose to 21 lakhs. In early April 2021, more than two months after the military coup, the price of one kyat of bark gold was only around 100,000 kyats. At this time, people rushed to buy solid gold, and the price of gold rose.
As a consequence of the coup d’état, the political instability and the central bank’s restrictions on the US dollar led to a sudden jump in the dollar and gold prices, and they are in a situation where they will continue to rise these days. This is happening because they want to buy dollars in a rush. There are buying dollars for imports. There are domestic purchases of dollars because they have to pay foreign loans. When the dollar is needed domestically, the dollar price rises according to the demand for the dollar. The Central Bank of the Military Council issued a dollar limit order at the beginning of this year, and the price of one dollar at the Central Bank was set at only 1,850 kyats, but no one traded at that price.
