Myanmar’s upper house passes bill to control inflation

The Burmese parliament’s upper house passed a bill on Friday calling on the government to adopt policies that will control monetary inflation.

Upper house representative Myint Kyi, a Yangon MP, submitted the proposal on Friday, and parliamentary members, including the government’s Central Bank deputy-governor Khin Saw Oo, debated it.

Khin Saw Oo said that fiscal measures had already been put in place by the government to tackle inflation, but other parliamentary members disagreed, saying that while the value of the Burmese kyat has remained stable in recent months, a steady hike to domestic commodity prices is causing a massive decline in consumer demand.

Myint Kyi refused to accept Khin Saw Oo’s argument that the government measures are sufficient, and called for a vote by the house. His proposal received the majority vote — with over 90 parliamentary members voting to study more policies to combat inflation, while less than 10 were against it.

Source: DVB Myanmar

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