Commodity prices remain high despite drop in value of dollar, baht, gold

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Mawlamyine, 9 September

The basic food prices stay high amid a decline in the value of the dollar, gold, and baht since the first week of September, businessmen told Than Lwin Times.

The issue of new 20,000-kyat banknotes by the military council raised the exchange rate of the US dollar to more than 3,800 kyats in the external market, and now it has fallen to around 3,400 kyats.

Meanwhile, the exchange rate of one Thai baht has fallen to around 95 kyats from around 120 kyats, and the price of 24k gold has dropped from 3.9 million kyats to more than 3.4 million kyats.

The military council is currently investigating several currency exchange operators and gold dealers; thus, the dollar, baht, and gold prices have plummeted, but basic food costs remain high, prompting widespread criticism among the people.

Despite the decline in the exchange rate of gold and currency, a bag of Shwebo Paw San rice is around 100,000 kyats, and a bag of coarse rice, Emahta, is at a high price of more than 70,000 kyats.

It is reported that the price of other basic food products has jumped by 10% to 30%.

The military council is blaming businessmen and financial speculators for the exorbitant increase in the prices of basic food items, including rice.

The military council has organized committees to lower the price of rice and basic foods, but it has yet to make it.

News – Than Lwin Times

Photo: TLT

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