Mawlamyine, 12 August
Myanmar kyat rate nosedived against Thai baht due to mismanagement by the military council, traders told Than Lwin Times.
After the military council issued 20,000-kyat banknotes, the Thai baht exchange rate rose from 80 to 90 kyats, and on August 11, it reached a record high of 110 kyats per baht.
Most money changers have shut down as the Thai currency strengthened to a record high, and people are now just keeping an eye on price fluctuations.
According to a border trader, “Businessmen close to the military council buy Thai cash in large amounts through illegal gambling clubs and sell them in the market, causing the Thai baht to rise in value. The military council is unable to control the excessive increase in the price of the Thai baht nor take any action against it, causing the Thai exchange rate to surge.”
With the strength of the Thai baht, the price of basic Thai products has surged by 5,000–10,000 kyats, depending on the type of product.
In the domestic gold market, 24k gold is priced at more than 3.7 million kyats, and the US dollar exchange rate has risen to more than 3,500 kyats.
On the other hand, on July 5, the military council formed a Foreign Exchange Supervisory Committee led by military generals to monitor the use of foreign currency.
The committee is chaired by Lieutenant General Moe Myint Tun, a confidante of military chief General Min Aung Hlaing, and is composed of six committee members, including the chairman of the Central Bank.
News-Than Lwin Times