Myanmar is Fucked: One US$ is 5,000 Kyats!

              (Based on Burmese posts from The FACEBOOK on 1-4 June 2024.)

In 1984 when I left Burma for Bangkok  one US dollar fetched 40 kyats, but in 1996 when I was doing prawn-export business in Burma that black-market exchange-rate went up to 150 kyats/US$ and now one needs 5,000 kyat to get an American dollar.

According to the NUG’s Finance Minister Tin-Htun-Naing and Dr. Sean Turnell (ASSK’s former Economic Advisor), the main reason for that hyper inflation is the reckless printing of 30 trilion kyat paper money, in just last three years, by the power-mad dictator General Min Aung Hlaing and his followers.

Every salaried man or woman is now getting paid every month with brand new kyat 20,000 notes as these  notes were constantly coming out of warzi cash printing presses. And the inflation in Myanmar is going through fucking roof as both private and government banks are also issuing brand new 20,000 kyat notes.

Much of that 30 trilion kyat cash has been corruptly stolen by the Myanmar Army generals and illegally converted to foreign currencies and, the constant selling pressure of such an enormous amount in a very short period on the open currency markets had brutally pushed down the real exchange rate to such an unimaginably low 5,000 kyat/US$.

Myanmar’s Powerful-Corrupts buying properties in Thailand

Rich Burmese are buying so many new condos in Thailand, according to the Thai news media, they become the biggest foreign buyers of newly-built condominiums in Thailand. Massive number of 392 luxury-condominiums worth 2.21 billion Thai-Baht were sold in-cash direct to Myanmar nationals within the Janauary-to-April quarterly period in 2024 alone.

Just last year 2023-May, 50 Myanmar-kyats would fetch one Thai-Baht. But now in 2024-June one needs 150 kyats to get one Baht. Most Myanmar condo buyers are the rich families of corrupt Myanmar Army generals and their chronies.

Dictator MAH’s family has secretly owned several luxury condos (nearly 100) in Thailand including a 5-beds luxury condo, worth about 33 million Bahts or more than one million US dollars currently, at the Bell Grande Rama 9 Complex in Bangkok. A Thai newspaper recently disclosed that MAH’s family alone owns 14 most expensive condos in that Bell Grande Rama 9 Complex.

Rumors are that a secret meeting of Myanmar owners of Bangkok-Condominiums were recently held at the War Office in Nay Pyi Daw since many of them are Myanmar Army Generals. No wonder Thai-baht appreciated so much against Myanmar-Kyat last three years.

             (A Bangkok condo-for-sale similer to the one owned by MAH's son Aung Pyae Zone.)

Myanmar’s People Buying Gold to fight Hyper-inflation

As a long-held tradition Burmese people normally buy and keep gold jewellery for the dual purpose of saving and fighting the never-ending hyper inflation in military-ruled Myanmar. Local gold prices in Rangoon went up to as high as 6 million kyats from about 1 million kyats just last year.

Supposedly to fight the hyper-inflation Myanmar Army arrested major gold shop owners and prominent gold traders such as the Chinese owners of Aung-thamardi, Zwe-htet, Wient-sein, and Academy-shwe-thantzin gold shops. But they didn’t dare to touch the chain of Shwe-Nandaw gold shops owned by MAH’s mistress and Social-Sevices-Minister Thet Thet Khine.

                                          (MIZZIMA video of Myanmar Economic Collapse.)

June-18 Update on the Arrival of Papers & Inks from Russia.

A Russian heavy cargo jet (IL-76 bearing Tail-Identifier RA-76846) delivering tons and tons of much needed security-papers and special-inks for Myanmar Army to print a trillion more Myanmar kyats landed secretly at Naypyidaw International Airport in the dark night of June-17, just yesterday.

There will soon be more and more relentless pritings of enormous quantity of Myanmar kyats and the black-market currency exchange rate will definitely shoot through the 5,000 kyat/US$ very soon. The expert opinion is the rate will soon be 8,000 kyat/US$. God save us Burmese, for the stupid Myanmar generals will not.