Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) Vice-Chairman Dr. Maung Maung Lay said that Myanmar Central Bank cannot control the money market.
Some businessmen complained that after issuing a statement on August 13 for free trading of foreign currency in Myanmar, the Central Bank should issue a mechanism for controlling the money market.
Dr. Maung Maung Lay said that this free trading of foreign currency would be okay if the demand and supply were in equilibrium stating that, “The main point is to curb inflation. The government must stop the running of all loss-making state-owned enterprises. And government projects must be stopped and some for two to three years. And imports must be restricted and exports increased.”
Dr. Maung Maung Lay added that the current crisis was a global crisis and Indian Rupees, Indonesia Rupiah and Chinese Yuan were also depreciating.