CNI News
14 June 2024
Good politics are needed to stabilize the prices of gold and money, pointed out gold market and economic analysts. The State Administration Council (SAC) is arresting and taking action against some gold entrepreneurs and money changers, accusing they were carrying out to make the prices of gold and foreign currencies unstable.
Although taking action like this could temporarily stabilize the prices of gold and money, only good politics could stabilize the prices in the long run. Moreover, there are too few exports but many imports, a gold market analyst, told CNI News.
" The SAC is desperately in need of dollars for the time being. It might be convenient if the need was filled. In fact, the prices are unstable because politics are not good. Because politics are not good. Just a few products can be exported but at the same time we have to import a lot of goods. Almost all foreign investments have left the country. And it's not easy in practice to replace the dollar. Moreover, there is not much border trading for the time being. Myawaddy, Muse and Ranong only are left." he said.
The SAC has issued arrest warrants for 10 individuals including the owners of Weint Sein, Aung Thamardi, Zwe Htet gold shops, accusing they were carrying out to make the price of gold unstable.
While Sr-Gen Min Aung Hlaing was meeting with political parties
The SAC identified 21 culprits including brokers and inspecting them, saying they were carrying out to make the price of gold unstable and conducting illegal gold trading, stated the SAC.
If the economy was unstable, the price of money would decline and it could affect the people, U Kwan Gawng Awng Hkam, a Kachin politician, told CNI News.
" When the economy is in turmoil, anything can happen. Economic stability is important. If the economy was unstable, the price of Myanmar kyat would decline. The economy would decline. Mainly, it will affect the people." he said.
A lot of production should be conducted to recover the economy of the country, U Sein Win, former member of the Pyithu Hluttaw, told CNI News.
While seeing the Myawaddy trade zone
" In my opinion, agricultural production of farmers should be promoted a lot. And then the basic public can be pleased with food. Although farmers have to grow, they can't sell their products at a reasonable price. So, the farmers have to be growing without ambition or belief. The instability of the country may lead to a food crisis at last." he said.
Because of battles at present, some border trades have stopped and the country is facing economic decline, devaluation of the Myanmar kyat and territorial instabilities.
The battles are breaking out between the Myanmar Tatmadaw and armed groups in many parts of the country and because of closing border trades every so often, the public is facing economic decline, devaluation of the Myanmar kyat and higher commodity price.
