The government and the central bank are working to correct the shortcomings and will make policy relaxations when the time comes, said Maj-Gen Zaw Min Tun, spokesperson for the State Administration Council (SAC).
At the 19th press conference of the State Administration Council held in Nay Pyi Taw on August 17, The Daily Eleven newspaper asked, "After the central bank set the exchange rate at 1,850 kyats per dollar, how many dollars were exchanged from which accounts?" "Dollars earned in this way are used by those who really need dollars for business and how can we make it easier to buy dollars from outside?" "How does the government plan to make sure that the dollars that are kept at the fixed price and cut off the price reach the entrepreneurs who really need it?" "How do you plan to stabilize the exchange rate with the price of 2100 kyat per dollar and the dollar price in black market?", "How can the SAC alleviate the current crises and losses? And "What methods are there to solve the problem while cooperating with the central bank?", replied Maj-Gen Zaw Min Tun to the questions mentioned in above.
Maj-Gen Zaw Min Tun said, "I am not saying that our government and our central bank have no fault. Nobody is perfect. So there are defects. We are working to fix it. As I just said, there are also domestic and foreign issues. As we said, the main thing is that we have not much impress on locally products and only encouraged imports from abroad, so our demand for foreign currency has also increased. The trade deficit is also getting bigger. We also have a large deficit. It got bigger and took on more debt. From this, this is what happened. As for us, as the national government, we are doing our best to do this," he said.
He said that the government and the central bank set policies based on course of action.
"The number one thing is that these policies are established as it must be established. Some may hurt. That's the policy. The number two thing I want to say is that the things we have to do are included in what we just said. The exchange rate is 1,850 kyats per dollar because of that. There are reasons why it happened. Why did it happen? There are reasons within Myanmar and overseas," Maj-Gen Zaw Min Tun said.
In addition, the central bank is implementing a monetary policy that will support economic growth. There may be some impacts in some sectors during the regulation process, and when a certain period of time is reached, there will be relaxations according to the policy, he said.
"As for the central bank, we are implementing a monetary policy that will support economic growth. Regarding this, we will regulate. In terms of regulation, some things will be affected in some sectors. There may be effects. However, if it reaches a certain time, there will be relaxations. I would like to say that if a certain period of time is reached, there will be relaxations according to the policy," Maj-Gen Zaw Min Tun said.
