Gold Prices and Foreign Exchange Rates Remain High in Myanmar

Gold prices and foreign exchange rates continue to remain high in Myanmar, according to the Business Roundup report on April 24, 2024. The current gold price in Myanmar stands at 156,778.48 MMK per gram, with detailed charts and tables tracking gold rates across various time frames and units, including Gram, Ounce, Kilo, and Tola, for 24K and other karats of gold.

The report aims to provide up-to-date information on gold prices in Myanmar, presented in an easy-to-follow format for users interested in tracking gold rates in the country. As of April 25, 2024, the gold price in Myanmar is 156,068.16 Myanma kyat per gram, with the exchange rate being 1 USD = 2,097.09 Myanma kyat. The article also provides details on the conversion of gold prices from USD to Myanma kyat.

The Business Roundup report notes that the Myanmar Kyat (MMK) exchange rate remained constant at 0.00065 throughout the entire 24-hour period on April 23, 2024. This level of stability is highly unusual for exchange rates, which typically fluctuate due to various economic factors and market conditions. The analysis indicates that there were no changes, seasonality, or outliers observed in the MMK exchange rate during the given time period.

Why this matters: The high gold prices and foreign exchange rates in Myanmar have significant implications for the country's economy and its citizens. The stability of the Myanmar Kyat exchange rate, despite the typically volatile nature of exchange rates, raises questions about the underlying factors contributing to this unusual trend.

The report also discusses the prices of various commodities in the Bayintnaung Wholesale Market, including sugar, black grams, pigeon peas, chilli, onion, Kyukok potato, rice, and palm oil. The prices of onion, Kyukok garlic, Shan Heho potatoes, and various types of chilli are provided, along with the reference price for palm oil and the prices of pulses such as black gram, red pigeon pea, violet pigeon pea, and chickpea.

Over the period from April 25, 2023, to April 24, 2024, the average exchange rate was 0.0004762 USD per MMK. The highest rate during this period was 0.0004807 USD per MMK on July 12, 2023, and the lowest was 0.0004738 USD per MMK on December 28, 2023. The MMK/USD rate is down 0.04%, indicating that the Myanmar Kyat has decreased in value compared to the US Dollar.

The Business Roundup report on April 24, 2024, highlights the persistently high gold prices and foreign exchange rates in Myanmar. The unusual stability of the Myanmar Kyat exchange rate, coupled with the detailed information on commodity prices in the Bayintnaung Wholesale Market, provides valuable insights into the current economic situation in the country. As Myanmar navigates these economic conditions, close monitoring of gold prices, exchange rates, and commodity prices will be crucial for businesses and individuals alike.

Key Takeaways

• Gold prices in Myanmar stand at 156,778.48 MMK per gram as of April 24, 2024.
• Myanmar Kyat (MMK) exchange rate remained constant at 0.00065 on April 23, 2024, an unusual trend.
• Prices of commodities like sugar, onions, and pulses in Bayintnaung Wholesale Market are provided.
• Over the past year, the average MMK/USD exchange rate was 0.0004762, down 0.04%.
• The report highlights the persistently high gold prices and foreign exchange rates in Myanmar.