CNI News

26 August 2023

As those who have held Myanmar kyats are performing to make the prices of cars and gold higher, it must be dealt with to stabilize the prices, said Sr-Gen Min Aung Hlaing, chairman of the State Administration Council. 

He said that above at the meeting of the Economic Committee held on 25th August, 2023. 

The committee must carry out mandatorily to promote the national economy and what should be performed is needed to perform as soon as possible. 

And it is necessary to give priority to businesses that are quickly achievable. Moreover, some very greedy business people are making speculations to make the commodity prices higher and so officials need to emphatically supervise to make them perform in accordance with the procedures, he said.

"Those who are mainly making speculations on the financial market are Myanmar kyat holders, foreign currency holders and gold holders. 

The meeting of the Economic Committee was being held on 25th August, 2023

Myanmar kyat holders are performing to make the gold price higher, buying gold. Foreign currencies holders are performing to make the prices of foreign currencies higher. In the same way, the prices of cars are rising than what they should be. So, the committee needs to handle it systematically." he said.

The current dollar price is 3,700 kyats per dollar and the gold price also is over 3,000,000 kyats per tical. In the same way, a car that was paid over 3,000,000 kyats in April, 2021 is now paid over 100,000,000 kyats.

 Relatives of the officials and those who are close to the officials are among the people who are making speculations to make the prices of gold, dollar and car higher and those who commit money laundry are also included according to the markets of gold, dollar and cars.