Mawlamyine real estate market grinds to halt over junta’s new K 20,000 banknote

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Mawlamyine, July (28)

The real estate market in Mon State’s Mawlamyine, has come to a halt after the military council announced that it would issue K 20,000 banknotes amidst the country’s instability, said the agents.

The junta-controlled Central Bank announced on the morning of July 23 on the military-backed Myawaddy TV that it will issue K 20,000 banknote with the image of an elephant on it starting July 31.

Many buyers are considering purchasing property after learning that new currency notes will be printed, while sellers are keeping an eye on the situation. According to the agent, the price of land plots will undoubtedly climb more than usual, and some huge plots of land are no longer for sale.

The military council announced on July 23 that a limited number of new 20,000-kyat banknotes will be issued to commemorate the completion of the Vijayabhumi Nimmana Buddha image and the one-year anniversary of the white elephant, Rattha Nandaka.

However, in the middle of Myanmar’s political crisis, the announcement that new banknotes will be issued has disrupted gold prices and exchange rate of dollar and baht, and sales have been halted.

“The situation of the real estate market is difficult to predict right now. Some are selling property at whatever price they like,” said another agent.

In recent days, junta spokesman General Zaw Min Tun stated on television that “20,000 kyats will not be circulated in large numbers but will be exchanged for old notes, so inflation will not occur.”

However, the price of basic food is rising over the announcement of 20,000 Kyats notes, which is having a terrible impact on the grassroot people, who are already in a dire situation.

News-Than Lwin Times

Photo-CJ

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