CBM Selling Dollars to Control Inflation
Central Bank of Myanmar (CBM) has been holding daily auctions to sell millions of dollars to control inflation and stabilize local currency Kyat. Set Aung, Deputy Governor of CBM said, “We need to be cautious to control the inflation rate. We cannot control it in a rushed way. Sometimes we have to make unpopular decisions to control the inflation rate. We are holding daily auctions of dollars in order to know the situation of the current market. CBM is selling $5 million to $10 million every day”. He also added that there are two ways that countries can control the inflation rate. First, they can give loans and decrease the interest rate when the country’s economy is not developing and the inflation is low.
The second one is raising the taxes, restricting bank loans and selling government bonds when the country economy is developing. According to IMF estimates, GDP growth of Myanmar’s economy has been about 8 percent in the recent years. However, because of nationwide flooding in August, the country is expected to grow at a slower rate of 6.5 percent.
Union Peace Conference Kicks Off
The very first inclusive political dialogue, the Union Peace Conference kicked off at the Myanmar International Convention Centre-2 in Nay Pyi Taw with the President, Vice President, Speakers of both Houses of Parliament, Union Chief Justice and Commander-in-Chief of Defense Services, NLD Chairperson, other representatives from the government, parliament, Military, armed groups and political parties in attendance.
President Thein Sein delivered the speech for the opening of the event. The convening of this Union Peace Conference is an important part of the process of transferring the duties of the incumbent government to the new one. In fact, this conference is just the beginning of smooth transfer of the power to the newly elected NLD government.
President Meets US Deputy Secretary of State
President U Thein Sein received a US delegation led by HE Anthony Blinken, the US Deputy Secretary of State at the President House. During the meeting, the President and the Deputy Secretary discussed the impending transfer of the power, Myanmar’s peace process and the promotion of bilateral relations between the US and Myanmar. Blinken said that the US has acknowledged the political reforms, the Union Peace Conference and success of the election carried out under the government led by President Thein Sein, pledging that the US would maintain its support for Myanmar’s development. President was accompanied by selected Union Ministers and other officials. The US delegation was accompanied by US Ambassador to Myanmar H. E. Derek Mitchell.
President Meets Chinese Power Generation Group
President Thein Sein received a Chinese delegation led by Wang Binghua, Chairman of the State Power Investment Corporation (SPIC) of the People’s Republic of China and party at a hall of the President House in Nay Pyi Taw. During the meeting, matters related to ensuring cooperation in the development of the electric power sector and conducting a feasibility study that will help prevent flooding from the Ayeyawady river in cooperation with international experts were discussed. President was accompanied by Union Ministers Wunna Maung Lwin, Khin Maung Soe and Zeya Aung. The Chairman was accompanied by Chinese Ambassador to Myanmar H. E. Hong Liang and embassy officials.
