Prices Rise in Burma during Suu Kyi Trial
By THE IRRAWADDY
The price of basic commodities, fuel and gold has risen in Rangoon following the arrest and trial of Aung San Suu Kyi, according to local residents.
According to a gold shop owner in downtown Rangoon, the price of gold in Burma reached 528,000 kyat (US $493) per tical (6.4 grams) on Tuesday, rising from 515,000 kyat ($481).
“Buyers are still increasing, especially buyers from the countryside,” said a gold shop owner. “The price of gold will go up in the coming days.”
The price of gold on the global market is currently $925 per ounce; diesel oil is $2.231 per gallon (3.8 liters); and gasoline is $2.30 per gallon. A black market fuel trader in Rangoon said that one gallon of diesel currently costs 2,200 kyat ($2.05) and a gallon of gasoline is 3,000 kyat ($2.8o).
Burma has a quota system for the allocation of fuel to car owners, allowing them to receive up to 60 gallons of fuel each month at a cost of 3,000 kyat ($2.8o) a gallon for diesel and 2,500 kyat ($2.3o) for gasoline.
The ongoing instability of Burmese politics contributes to the cost increases in basic commodities, because people tend to stock up on goods in troubled times, said a Rangoon business man.
A Rangoon foreign currency dealer said that Burmese currency prices have decreased in recent days because people tend to buy more foreign currencies, mainly the dollar.
A dollar is now at 1,070 kyat, depreciating from 1,050 on Friday. A Foreign Exchange Currency (FEC) is equal to 1,015 kyat, according to the currency exchange market in Rangoon.
According to a trader at the Bayint Naung Wholesale Market in Rangoon, standard-quality rice is currently priced at 26,000 kyat ($24) for one basket (approximately 20 kilograms per basket) and low-quality rice is 15,000 kyat ($14).
