July 22, 2024
YANGON – In Myanmar’s Myawaddy City, the price of the Thai baht has risen to a record high, the price of Thai products has more than doubled, and the flow of goods across the border has been delayed due to road difficulties.
A trader said that there is no change in buying with Thai money, but the Myanmar kyat is bought only after the baht has been exchanged.
According to a border trader, edible oils, drinks, cement and building materials, and consumer goods are being imported to the local market through the Myawaddy border.
“Due to the change in the baht price, I have to pay more Myanmar Kyats to buy goods and send them domestically. Since the new Asia Road was closed, I have been going through Koko Road, Jau Taung Road, 1018 Road, Dona Taung Kyaw Road, Hoang, but the cost (gate fees) is very high. When I get to the country, the prices go up, and only the people are affected,” said a border trader.
In the Myanmar-Thai border town of Myawaddy, both Thai baht and Myanmar Kyat are used for trade, but they only buy Thai goods in baht.
Thai goods purchased with Thai baht are resold in Kyats in Myawaddy, and the price changes depending on the price the baht .
On July 21, the Thai baht price was only 750 baht per 100,000 kyats, a difference of more than 1,000 baht per 100,000 kyats compared to last year.
Last year’s goods worth 100,000 kyats are not changed this year if bought in baht, but if purchased in Myanmar currency, consumers have to pay close to 100,000 kyats compared to last year.
Even if it these are resold, it is said that the consumption market has been greatly affected compared with the price last year .
Food, cosmetics, and consumer goods have seen a significant price increase.