After the military council called and questioned some of the legitimate exchange operators and gold operators at Yangon’s three offices, the price of illegitimate dollars rose to roughly 3,000 kyats. Additionally, exchange counters are closed.
The foreign exchange rate on the external black market has fluctuated from more than 2,900 Kyats to 3,000 Myanmar Kyats per US dollar on August 1, and the transaction price is like buying and selling due to the recent dip in the Myanmar currency. Gold traded at about 230,000 kyats per US dollar, a new high.
The family said that they were kidnapped at the end of July last year after the military council interviewed authorized money changers and a few gold shop owners about the dramatic drop in Burmese silver prices.
A relative of the arrested money exchange operator said, “Only those authorized to do so.” They and the gold workers called to ask questions. They’re asking where the transfer was made. Although all the paperwork is being scrutinized, they can still back up what we did legally. We’re all comfortable and communicating. “I’m not sure why they haven’t been released yet.”
Exchange and retail operations have been shut down due to the arrests, but the dollar’s value has not dropped, and people are still trading on the underground market.
Travelers from other countries told DVB that they had to exchange money at their own rates because they had been told they could only do it at the airport at the military council’s predetermined rate of 200 kyats to the dollar (1,850 kyats to the kyat).
Experts fear that Myanmar could end up like Sri Lanka, with no economic recovery, if the current crisis continues.
Major-General Zaw Min Tun announced at a press conference on July 26 that only currency and gold traders had been jailed but that Myanmar possessed enough dollars to act as a reserve currency.
Businessmen’s fear of arrest has led them to suspend all lawful exchange transactions, which is driving the illicit market.
“They want the price now.” Because of this, I don’t expect the price to drop. There are simply buyers, no sellers, and no transaction. Many goldsmiths have cared for them.
Goldsmiths are in the office. Moneymen occupied the top floor. I’ve heard it’s distinct. Population data is unavailable. They regulated silver prices, I think. However, I fear being held without cause.
The military council’s attempts to restrict the dollar created a black market for consumer items, medications, and dollar-purchased goods. Several imported items and medicines were discontinued due to raw material price hikes. This high cost hurts low-wage and grassroots workers too.
Domestic small and medium exporters, importers, and some individuals have closed their operations due to pressure from the Military Council on the Central Bank to restrict foreign money.