Chamber calls on Myanmar govt to ensure forex stability
MYANMAR’S ECONOMy will not grow further if the nation fails to control fluctuations in the exchange rate between Kyat and the US dollar that lead traders to vague decisions, warns the Union of Myanmar Federation of Chamber of Commerce and Industry.
In a bid to minimise the fluctuation-driven impacts, the chamber will send its recommendations to the government this week, through related ministries such as commerce, planning and finance, according to its vice president Maung Maung Lay.
“Now, importers do not even know what to do in the light of the exchange rate fluctuations. Manufacturers cannot seize the opportunities, either. It (the rate) is really hard to predict,” he said.
“To solve it out, UMFCCI has systematically conducted a report on the exchange rate, in which we provide some recommendations on how to control the fluctuations. We will send it to the government within this week.”
Maung Maung Lay said the recommendations were based on the chamber’s two discussions with its patrons, consultants, bankers and economists as well as Myanmar Bank Association. The recommendations can be divided into five core areas -strengthening the monetary policy, attracting more foreign income, improving Kyat demand, recommendations for trading, and long-term processes.
