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Myanmar's exchange rate fluctuations triggered a gold rush, some people paid the 7.5 billion to buy, the seller took the money and ran away.

Jun 02,2023

According to Myanmar media reports, the Yangon gold market reported that when the price of gold rose, in the Yangon private gold market, there was a case of money fleeing from the gold business circle, and the amount of money cheated was as high as more than 7.5 billion kyats.

Allegedly, a gold dealer claimed to sell gold, as well as to help people buy gold. As a result, the gold merchant received the money and immediately began to play and disappear.

A gold dealer in the Yangon gold market said that the person who ran the money was also a gold dealer who often did business in the market. This person claimed that he would not only sell his own gold, but also help buyers buy a batch of affordable gold. These gold buyers believed the businessman's words and paid a huge sum of 7.5 billion kyats without getting the gold. After receiving the money, the gold merchant actually ran straight away.

After the incident of running away with huge sums of money, the injured buyers have not yet reported to the police, and they are still trying their best to negotiate a solution. Because, the gold merchants who ran away with the money did not run together and were still at home, but because of the huge amount, their families could not compensate.

It is reported that although the US dollar quotation of the Central Bank of Myanmar is set at 1 to 2100 kyats, in the private exchange market recently, on May 26, the US dollar exchange rate rose to 1 to 2960 kyats.

Due to the instability of the US dollar exchange rate, gold purchases in Myanmar's domestic gold market have surged. On May 26, the price of gold in Myanmar's private gold market reached nearly 3.1 million kyats.

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