Yangon, September (2)
The $200 million subsidy provided by the junta-held central bank had been condemned by economic analysts as being only a temporary fix that would not have a significant effect on the entire market.
The junta-controlled central bank announced on August 31 that it would provide more than 200 million US dollars through the forex market to ease the high prices of commodities caused by high fuel prices.
Economic analysts pointed out that the decision of the Military Council is not effective on all the basic commodities in the current market because it focuses only on the fuel market.
An economic analyst noted that the military council’s support program of more than 200 million dollars is only a means of providing dollars to oil suppliers who need dollars, and will not be able to fix the entire market.
He added that fuel plays an important role in the transportation of goods, so the junta’s subsidy program will only reduce transportation costs, but will not affect the prices of imported goods.
Currently, the prices of commodities have gone up as the Myanmar currency depreciates and the economy has been in turmoil.
Among them, the price of gold hit 3,400,000 kyats per tical and the black market exchange rate for one dollar increased to about 4,000 kyats. On September 1, virtually all transactions were halted.
News – Than Lwin Times
Thanlwintimes