Wednesday, September 19, 2012

Gold price at record level in Burma


Wednesday, 19 September 2012 13:41 Mizzima News   

Since early this year, Burma’s gold prices have been rising, setting a new record of 794,000 kyats (US$ 900) per tical over the weekend, state-run media reported on Tuesday.

The Yangon Region Gold Entrepreneurs Association said that gold prices in the country could rise to 800,000 per tical soon.

Gold prices in Burma once stood below 500,000 kyats per tical in 2007.

Meanwhile, beginning in April, Myanmar's foreign exchange rate regime has moved from a peg of 8.5 kyats to the special drawing right to a managed floating exchange rate and the rate is quoted now at 880 kyats per US dollar, up from 818 kyats per US dollar when it was first applied.

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