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Myanmar Crisis

Myanmar's growing price controls deepen economic woes

Response to inflation and weakening kyat backfires as private sector pulls back

Myanmar consumers are struggling to access daily necessities like rice and palm oil. (Photo by Nikkei)

BANGKOK/YANGON -- Myanmar's military regime is introducing tougher price controls for daily necessities in a bid to curb rampant inflation, yet its heavy state involvement reminiscent of socialism is driving down the currency further and exacerbating credit concerns.

At a July meeting with key officials, military regime leader Senior Gen. Min Aung Hlaing said cooperatives were the best economic system for Myanmar. "We will spare no expense or other assistance" for their creation, he said.

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