Yangon, September (3)
Gold prices have declined to less than 3 million kyats after the military council started selling 1, 0.5, and 0.25 tical of gold coins, gold traders told Than Lwin Times.
The Ministry of Natural Resources and Environmental Conservation announced on the evening of September 1 that gold coins weighing 1 tical, 0.5 tical, and 0.25 tical will be sold starting the next day at the Kabar Aye Gems Mart.
The Military Council is selling one tical of gold at 1,998,000 kyats, and it has not yet been officially announced how much gold will be sold.
When the military council started selling gold coins, the price of gold on the open market fell to around 2.8 million kyats.
The military council stated that these gold coins are being sold with the tax received from the gold mines of the Ministry of Natural Resources and Environmental Conservation, and are not related to the state’s gold and reserves.
General Zaw Min Tun, spokesman for the military council, said that these gold coins will be sold at sales counters in major cities and that individuals can purchase them by showing their National Registration Cards.
On September 1, the price of one tical of pure gold reached a record high of 3.5 million kyats before the military council began selling gold coins.
According to the gold entrepreneurs, the price of gold could decline more based on the sale of gold coins by the junta.
The junta announced on August 31 that it would provide more than 200
million US dollars through the forex market to ease the high prices of commodities caused by
high fuel prices.
Economic analysts have criticized the junta’s $200 million subsidy and gold coin sales as not affecting the entire market and saying that the current plan is a short-term solution for the country’s economy.
News – Than Lwin Times