doing business in myanmar – what you need to know as a singaporean
The price of gold has reached a record high of about 996,500 Kyat per tical on 14 September, thanks to the rising US dollar exchange rate, according to a report in the Global New Light of Myanmar on 15 September.
According to the markets the global gold price stands at US$1,206 per ounce at present.
According to local media the US dollar exchange rate started to increase from the second week of August and went over 1,500 Kyat per dollar. At the moment, one US dollar is 1,557 Kyat in the local currency exchange market.
As the newspaper reports, historically, this is the highest gold price and due to this, the gold market is cool with not much buying or selling.
An escalating trade war between the US and China resulted in dollar appreciation in international currency markets, including Myanmar.
The gold price reached a low of 930,000 Kyat per tical this year, and it has been gradually increasing starting from August, reaching an all-time high this month.
SOURCE: MIZZIMA
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