Financial institutions meet to deal with dollar exchange rate surge

Union Minister U Soe Thane speaking at meeting on financial institutions.
Union Minister U Soe Thane speaking at meeting on financial institutions.

Economic and political instability can have harmful effects on national stability, Union Minister at the President Office U Soe Thane told a meeting with financial institutions on Friday, describing the financial crisis as a sensitive issue.
The meeting sought ways to deal with the current surge in the U.S. dollar’s value against the Myanmar kyat.
This meeting was the second between the government and banks to discuss the matter, with the first taking place on 13 May.
Union Minister U Zeyar Aung, also Chairman of the Myanmar Investment Commission, noted the flow of investments is steady, with a US $1.8 billion investment expected to come in soon. He urged the Central Bank of Myanmar to manage the situation and facilitate a rapid inflow of foreign investments.
Dealers of rice, beans and pulses, edible oil, fisheries and gold reported on difficulties they faced in business transactions.Union Minister U Soe Thane urged the Central Bank of Myanmar to pump its reserved sum into assistance necessary for local banks and merchants to cope with the hike in exchange rates. He also urged foreign banks with offices here to provide financial assistance to local banks.

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