UMFCCI calls for government to stabilize exchange rate


A general view of Yangon's skyline at sunset, Myanmar. Photo: Lynn Bo Bo/EPA

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has submitted a plan to the government for stabilizing the rising exchange rate, Xinhua reported quoting state media.

The four-point plan, submitted to State Counsellor Aung San Suu Kyi during a recent meeting with local business leaders in Nay Pyi Taw, was outlined as promoting export sector, investment, import substitution and reducing reliance on the U.S. dollar.

Suggestions also included reviewing the entire export supply chain, applying demand-based agricultural policy, earliest implementation of banks' support services towards export, providing tax incentives to potential export products, public-private partnership towards effective development of export and earliest formation of National Export Promotion Council.

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