Kyat stable: vice president

Writer: 
Nilar

The foreign exchange rate is stable as the government has been handling the kyat's fall and rising inflation, according to the First Vice President Myint Swe said.

Myint Swe met employers at the fourth formal meeting held at the headquarters of the Federation of Chambers of Commerce and Industry (UMFCCI) in Yangon on March 16.

"We cannot ignore the falling exchange rate and the government is taking measures to stabilise the kyat. We hold a meeting every week. We are now handling the kyat's fall and rising inflation. The government is trying to promote exports and the dollar has become more stable,” Myint Swe said.

A working committee met once a week to address financial matters and stabilise the exchange rate, he said. It was led by deputy minister of planning and finance Maung Maung Win. 

The Ministry of Commerce and Central Bank of Myanmar were also represented on the committee, which attempted to control money speculations and stabilise the kyat and therefore control commodity prices, the vice president said. 

On March 9, the dollar reached Ks1,371.

Translated by Win Htut