CNI News

5 September 2024

Although the Central Bank of Myanmar tends to sell out foreign currencies when the commodity prices go up because of a lack of foreign currencies, it can cure in the short term only; businessmen are asking the question 'up to what time will the Central Bank be able to sell out foreign currencies?'

At present, rather than making the Myanmar economy look up, priority must be mainly given to curing; because the State Administration Council has announced that it will hold a general election, political parties should explain to the public about economic policies, U Aung Pyit Sone, a businessman, told CNI News.

" The government should reduce the short term cure regarding foreign currencies. Our country currently doesn't have a good economic situation in which everyone is struggling. So, there are lots of difficulties left with us to re-cure the country's economy. What policies will the current government use to re-cure the country's economy? What policies will a government which will come to power beyond the election use to re-cure the economy? Large political parties should explain their policies to the public. Only if the people know them in advance, will they make preparations for what they should." he said.

While seeing dollars

The Central Bank could sell out foreign currencies to an extent; foreign currencies could be got from foreign investments and international loans and the government should invite foreign investments, pointed out businessmen.

However, due to unstable situations in the country at present, although it was quite difficult to make foreign investments enter the country, the government should have policies to tackle the problem, they suggested. 

it was necessary to think about the main subject thoroughly and carry out. If the government goes on like this for long, it would be worn down gradually, U Htay Aung Kyi, a banking expert, told CNI News.

While seeing a greengrocer

" Mainly, it's necessary to make the economic atmosphere good. Some issues can be automatically resolved if the economic and the political atmospheres are good. It's necessary to think about the main course thoroughly. In macroeconomy, one area is related to another and one place is related to another. If you can't think about the main economic system, one problem or another will emerge. We want those concerned to resolve the problem successfully. Otherwise, the country will be worn down gradually." he said.

Because the commodity prices were going up while there had been an increase in the demand of foreign currencies, a police had been laid down to maintain the use of foreign currencies; only if the economy was good, would the politics be good; so every citizen was responsible to make the country's economy good, said chairman of the SAC in the meeting held in Yangon on 1st September 2024.