The price of gold has been increasing since the military seized power in February 2021 and it reached its peak at 58 lakhs per one tical of gold recently. Before the power grab, the price of gold was stable around 13 lakhs. It quadrupled within 3 years under the military rule.

 

Likewise in currency exchange market, the price of one USD to Myanmar Kyat is hovering between 4600 and 4800 Kyats. Due to the rapid increase, the trade of gold and USD had been stopped. The junta took actions against online moneychangers in order to control the high exchange rate.

 

Thura U Tin Oo is in ICU

 

The patron of Nation League for Democracy (NLD), 98-year-old Thura U Tin Oo  is currently under intensive medical care at the Yangon General Hospital since Wednesday.

"He is conscious and suffering from the severe lung disease and blood clot in leg veins," the RFA reported.

The former chief-in-commander Thura U Tin Oo suffered from palsy since 2007 and he was hospitalized many times.

 

An experienced minister retires

 

U Aung Naing Oo who is in charge of the four departments under the Union minister was retired by junta on Monday. He had worked in the ministries relating to economic and investments. From 2012 to 2019, he served as a director-general in Directorate of Investment and Company Administration.

 

At the beginning of military takeover, he was appointed as the Union minister for Investment and Foreign Economic Relations ministry and his position was not stable. He also became minister of the Ministry of Investment and Foreign Economic Relations, the Ministry of Commerce, and the Ministry of Union Government Office (1) and Union Minister for Ministry (3) of the State Administration Council (SAC). He served in the military from 1981 to 2000.

 

Floods of in Kachin

 

The places where fighting erupt frequently in Kachin state, Myitkyina, Waing Maw , Putao and Chipwi suffered from floods due to the heavy rains, worsened by the higher water levels in Ayeyarwaddy. Several wards and villages have been flooded for days now.

On Wednesday, the rescue teams helped evacuated local people from the flooded areas.

 

Landslide in Lahe

 

A landslide occurred in Lahe town in Naga self-administered zone on Tuesday, killing four people including three children.

The landslide took place in Wuhta village and four people returning from their farms were buried in the landslide. The dead bodies have yet to be recovered.

A local news outlet, Naga news said the heavy rainfall in Lahe washed away bridges and trigger landslides.

 

Junta attempting to use barter system

 

The junta said in a statement on Tuesday proposing the use of barter system among  its trading partner countries.

 

Some economists thought implementing the barter system could reduce the role of central bank in exchanging the USD.

 

But they said barter system is difficult to implement in a country like Myanmar with few quality products and amid the suspension of trade on border areas.

 

Burma Associated Press