Prices remain stable in Yangon market despite forex fluctuations

The exchange rate abruptly rose in the market due to the financial announcement on the evening of 21 October.
However, the exchange rate is used in the real situation and it depends on sellers and buyers. During three successive holidays from 22 to 24 October, they are not market prices and so sellers of imported products suspended their operations to know the situation yesterday.
Ma Nyein Aye who runs printing and copying services in Kyauktada told the Global New Light of Myanmar (GNLM) that she could not buy paper at shops near the Sule Pagoda as the products were out of stock. The retail price of paper rose by K500/1,000 than the original prices.
In Thanzay (Iron Bazaar), some Chinese product shops did not sell materials as the exchange was not stable. In the cooking oil market, although companies suspend sales those who have products sell them by increasing about K1,000 per viss. It is K5,500 per 50-viss bottle of vegetable oil, said a customer.
In the Bayintnaung market, sales were increasing than the normal day at retail shops yesterday, said an owner. The products purchased in Yangon were transported to the countryside before the holidays and so the trucks were needed yesterday, said a business person who operate truck services to delta region.
There was no panic buying of rice and the transactions were normal at the pharmacies and shopping centres yesterday, it is learnt.
In the past, unusual financial cases sparked panic buying of commodities but now it seems like to be a normal case and nothing changes. The palm oil price becomes drastically high and the merchants wait and watch the situation suspending the sale of their imported goods.
“Dollar prices were unstable beginning yesterday. We are worried that imported products prices would be higher. Some buy five-litre oil bottles. Now, prices would not higher during holidays,” Ma Aye Min from Dagon Myothit (South) Township told the GNLM.
Buyers and sellers are waiting for opening prices on 25 October and the real market situation can be known at that time as well as the commodities process, said a market analyst.—TWA/GNLM