SAC prepares to legislate for market stability from price manipulation
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Hsu / Myo Gyi (NP News) - Oct 19
The State Administration Council is planning to enact the law to control and charge the manipulations in the market that are intended to destabilize the nation’s economy, according to the data released by the SAC.
The SAC organized a committee to draft the bill of the law protecting the market economic system from manipulations that are attending to destabilize the market. The eight-member containing committee will be chaired by the Union Minister of Commerce, Aung Naing Oo, the SAC said.
The committee is responsible to study research by taking references of legal frameworks from ASEAN and other countries so as to modify the law that will fit with the local conditions.
The bill will consist of provisions that will support to development of a well-established market economy and the legal measures to maintain the economy not to derail from the norms.
During the coordination meeting with business entrepreneurs from Kayin State, the Chairman of the State Administration Council Senior General Min Aung Hlaing stated that country’s economic policy is based on the market economy. The State laying down economic policies, however, does not mean the application of the centralized system.
The government is trying to steer the country’s economy by means of policy tools to prevent economic collapse and to protect the citizens’ wellbeing, he said.