CNI News

30 August 2024

The traders association should tackle why the commodity price doesn't decline while the prices of foreign currencies gradually have been declining since a few days ago, pointed out businessmen. 

Traders who bought products while the prices of foreign currencies went up, they raised the prices of the products that they would sell.

However, when the prices of foreign currencies have fallen, shops go on selling the goods at the prices that were previously designated. 

So, if the prices of goods traders bought, when the goods were sold back, the prices should be lowered, which the government released rules and regulations and should strictly supervise, U Aung Pyit Sone, a businessman, told CNI News.

While seeing a meat market

" Government officials should meet with officials from the Chamber of Commerce, the Myanmar Rice Federation, the Myanmar Edible Oil Dealers Association and so on and should lay down policies to reduce the commodity prices. But we need to take some time. It's unlikely to reduce commodity prices as soon as the price of the dollar falls. If traders happen to buy goods at a very high price once, they don't reduce the prices of the goods they sell even when the buying prices are falling. In fact, traders should reduce the prices while the government should tighten after rules and regulations are released." he said.

Foreign currency prices rose sharply a few days ago because migrants from all over the country bought a lot of dollars and gold. The prices of foreign currencies fell a few days ago because they were bought just a little, reviewed by businessmen.

Although the prices of foreign currencies declined, commodity prices didn't decline, which was before as well; although it was not easy to get rid of that nasty habit, if the economic system was bettered, it would be convenient, U Htay Aung Kyi, a banking expert, told CNI News.

While seeing City Mart supermarket

" We must say it's part of Myanmar culture. Not only the government but also the people need maturity. Generally, the items bought at high prices might remain in the shop. The prices don't fall for the time being because it might be difficult to sell them out. Foreign currencies must be used when we trade with foreign countries. It's necessary to make the incentive system correct." he said.

It was not easy to make commodity prices fall as soon as the prices of foreign currencies fall. If the prices of foreign currencies are falling for a month or so, commodity prices could gradually fall, according to some people.