MYANMAR – Min Aung Hlaing, the junta leader, indicated on Monday (August 8) that Myanmar must reduce the imports of oil and petroleum products worth $1.3 billion, and his order could lead to a fuel shortage, according to fuel businessmen.
The junta controlled the imports such as fuel, medicine, and cars after they said to reduce the imports. They also converted all dollars to Myanmar currency (Kyats) and controlled the exchange rate to one dollar per 1850 kyats and recently changed to 2100 kyats.
They are now saying to reduce the fuel imports, and people must prepare for a fuel shortage, according to an entrepreneur who imports and sells fuel in Yangon.
Min Aung Hlaing has been creating an austerity economic model in which the military controls all incoming foreign currency and limits outgoing money. But the junta council only restricts the public sectors, and they buy military equipment and weapons such as fighter jets and submarines as they please. Myanmar could be the next North Korea in Asia if their system is firm.
“I don’t want to talk about huge economic words. The economic situation would be worse in the next six months,” said the businessman from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).