dollar Gold and ten thousand tons of Myanmar Kyat


These days, due to the arrests, the price of gold, The dollar price fluctuated and fell, but the price of raw rice, which is preferred by the grassroots in Yangon, did not go down, and the retail price went up to 3,300 kyats.


Prices of other commodities, including cooking oil, have not dropped significantly yet.


The price of gold fell after news broke that a few hundred people from the business world, including General Ran Naung Soe, secretary of the Central Committee for the Correct and Speeding Up the Flow of Trade Goods, and officials from business/commerce were being inspected in the past few days.


According to market news on September 11, the Burmese currency fell to around 3,350 kyats per US dollar, while gold fell to around 33,000 kyats per kyat.


Among those who were examined were exporters, importers, The BBC found out that rice, oil, corn and financial market entrepreneurs are mainly involved.


On September 11, in addition to the price of rice, the reference price of edible oil sold by the Edible Oil Association was adjusted from 4,400 kyats to 4,524 kyats per pound. But in the outside market, the price of edible oil is around ten thousand kyat per pound.

The price of raw rice does not fall

Gold and the dollar are important in Myanmar's economy, and other food products tend to change depending on the dollar price.

rice The military council has been trying to control prices by forming committees and issuing orders since last August to deal with the rising prices of important commodities in Myanmar's economy, including the oil and gold dollar markets.


After hundreds of people, including businessmen, were arrested and examined, the prices of gold and the dollar, which are the mainstays of Myanmar's economy, fell in the past few days.


Can Burma's economy be controlled by arrest warrants?

"Commodity prices are determined by demand and supply; People's confidence, the confidence of the market, the confidence of the foreign currency market and investment entrepreneurs are now gone.


Some news media that support the military council reported that some towns and cities were conducting follow-up inspections to see if edible oil was being sold at the set price.


A resident of Yangon said that even though they had to rush to buy edible oil at a set price, it was not convenient for everyone because only a limited amount was sold to one person.


The Myanmar Rice Federation announced on August 8 that it will sell a single parcel of rice for 2,500 kyats.


A Yangon resident said that there are not many shops selling rice sold by the Rice Rice Association, and because it is not much different from the outside price, many people buy rice from outside.


"Dill rice is sold for 2,500 per rice, but there are only a few shops," said a local in the northern part of Dagon New Town.


At the economic review meeting on August 25, the chairman of the military council said that fraudsters created false information and pushed up commodity prices. He said there is a need to take action because there is speculation.


Last September 9, General Min Aung Hlaing's Northern Shan State, It has also been said that the price of gold and the dollar have gone down since Lashori has taken action against greedy businessmen who were driving up commodity prices.


Among the reasons for the increase in rice prices are the fact that the Burmese currency is inflated and people are hoarding it and reselling it. Difficulties in transportation and higher costs due to security are also involved.


"I don't think any trader will sell at a loss if the price of rice is set so that it cannot be sold above a certain price. If they are forced to sell it, I think they will mix it with grade meters," said a rice trader.


A rice trader in Yangon said that after the seizure these days, the rice fairs have changed brochures without shop addresses and do not disclose the price.


According to a resident of Yangon, they collect 8,500 kyats per pound from people whose oil prices are rising and sell them outside for 10,000 kyats per pound.


A Yangon-based businessman said that edible oil is held by oil agents, and the market needs to be opened without controlling the market and taking action on permit issues and fraud.


A rice entrepreneur from Phayap town said that it is important to keep the price of rice down in order to control the price of rice, and the price of rice is now 2200,000 yen. In order to reduce the price of rice, inputs such as fertilizer prices, Pesticide price motor oil He said that farm labor prices need to fall.


A rice trader also said that in order for the price of inputs to fall, the dollar needs to be stable, and it is not easy for the price of inputs to fall again just for a few days.