Gold and currency prices artificially inflated to harm economy; investigations restored appropriate levels, says SAC chair

Gold and currency prices artificially inflated to harm economy; investigations restored appropriate levels, says SAC chair
Published 9 June 2024

On June 7, Senior General Min Aung Hlaing, Chairman of the State Administration Council (SAC), addressed the recent artificial inflation of gold and currency prices, which was harming the nation's economy. During the SAC meeting in Nay Pyi Taw, he announced that investigations had been conducted, and prices had returned to appropriate levels.

The Chairman explained that in April, speculators had manipulated currency values, causing unnatural and excessive changes in gold and currency prices. However, investigations led to a gradual correction of the prices to their rightful levels. He noted that Myanmar had faced economic sanctions, banking system disruptions, and currency manipulation in the past, but efforts had been made to revive the economy to some extent.

Furthermore, illegal funds were being used to purchase real estate abroad, and necessary measures were being taken to address this issue in accordance with regulations and laws. The Senior General emphasized that current gold and currency prices were unsustainable and intended to devalue the currency, impacting the national economy. Therefore, ensuring currency stability was crucial.

He also remarked that coordinated efforts were being made to undermine the nation's economy, making it essential to stabilize currency values. The Chairman stressed the importance of focusing on maintaining currency stability rather than merely observing its rise and fall, as various parties were colluding to bring down the nation's economy.