Gold prices in Myanmar soar as salaries of government servants increase
Gold prices in Myanmar soared on Sunday to 390,000 Kyats (354.54 U.S. dollars) per tical (0.0163 kg) from 340,000 kyats (309.09 dollars) as news about the government's raising sharply of the salaries of civil servants, gold dealers said.
The market exchange rate of Myanmar Kyat against U.S. dollar also rose to over 1,200 kyats per dollar from over 1,100 kyats before the move and the official exchange rate remained at nearly six kyats per dollar, merchants here said.
The market prices of gasoline also increased from 3,000 kyats ( 2.72 dollars) to 3,400 kyats (3.09 dollars), impacted by the move. The official fuel prices had been brought up once by nearly nine times starting late October last year to 1,500 kyats (1.22 dollars) from the previous 180 kyats (0.14 dollars) per gallon for petrol and 160 kyats (0.13 dollars) per gallon for diesel.
With the rising of the fuel prices, most other consumers commodities prices and transport cost are generally expected to go up correspondingly.
It was officially confirmed on Saturday evening that the Myanmar government had decided to raise the salaries of government employees to a large margin with effect from April 1, the start of the next fiscal year 2006-07. The monthly salaries will be increased sharply by a range from nearly six times to 12.5 times for the lowest-pay-earning basic workers to government officials of ranks of managing director.
The salary of an ordinary worker was 3,500 kyats (about 3.18 dollars), while that for a managing director stood at 16,000 kyats (14.54 dollars) before an order of the Ministry of Finance and Revenue concerning the move was issued.
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