Warning Against Exchange Rate Speculation
The Acting President of the Republic of the Union of Myanmar, Senior General Min Aung Hlaing, has warned against speculation that drives up the exchange rate for profit. This warning was made during his speech at the 34th Annual General Meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) held on November 30.
Current Exchange Rate Situation
The Senior General acknowledged that the government is aware of the discrepancy between the current market rate and the rate released by the Central Bank. He mentioned that the current external selling rate is K 4060, which is higher than the expected rate of K 3800 to K 3900. However, he has been tolerating this discrepancy, observing that the rate has dropped by K 20 over the last few days.
Impact on the Public
The Acting President emphasized that while he has no issue with individuals, the government will not accept any speculation that harms the public. He warned that driving up the price for profit will affect the country’s interests and the people’s basic daily needs. He has instructed responsible officials to work towards a feasible rate and to prevent speculation.
Support for Exporters
The Senior General also announced that the government plans to further reduce the current rate of 25% for exporters to convert their export earnings to the state. He expects this reduction to happen within the next one or two months, as the government has been gradually decreasing the rate.
Conclusion
In summary, the Acting President has warned against exchange rate speculation and emphasized the government’s commitment to protecting the public’s interests. He also announced plans to support exporters by reducing the conversion rate, which is expected to happen soon. The government’s efforts aim to promote a stable and feasible exchange rate, ultimately benefiting the country and its people.
