Nay Pyi Taw, June (14)

Military leader General Min Aung Hlaing stated that commodity prices are higher than it should be due to financial speculation and the political exploitation of greedy people.

The military leader spoke at a meeting to increase the manufacturing of basic foodstuffs held in Nay Pyi Taw on June 12 to resolve high commodity prices.

The military leader said that high input prices in the country’s agriculture, livestock and manufacturing industries have increased the cost of domestic production and a large gap between demand and supply, and a large number of indirect sales have led to an increase in commodity prices.

In addition, after the coup, some domestic dissident organizations have harmed the economic sector, and foreign countries have also imposed economic sanctions and suspended aid for many reasons, he said.

Following the coup, businessmen unanimously say that the decline in the value of the Myanmar currency and the skyrocketing prices of imported raw materials are mainly related to the high commodity prices in the country.

After the coup, the outflow of foreign investment, the lack of new investment, and the inability of local manufacturing industries to operate fully are part of the reasons for the further increase in commodity prices.

An economist criticizes that the increase in commodity prices is due to the failure of the private sector to recover under the military regime, as well as wrong policies, with leadership focusing only on self-interest.

He stated that in order to reduce domestic commodity prices, the military council’s wrong policies must be annulled and efforts must be made to increase the value of Myanmar’s currency.

A cargo delivery man said that the prices of goods are rising because junta-aligned BGF troops extorted money from the travelers for security reasons.

However, until today, the officials have not been able to take any action against the extortion of money by the junta troops at the checkpoints that set up after the military coup.

In the more than two years since the military coup in Myanmar, the prices of goods have risen three to five times, and the ordinary people are struggling to make ends meet.

The United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) reported earlier this year that 17.6 million people in Myanmar require humanitarian assistance due to high prices and overall difficulties caused by the military coup.

News-Than Lwin Times

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