Thursday, 07 March 2013 17:59 Khin Myo Thwe
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| Finance and Revenue Minister Win Shein speaks about Myanmar's foreign debt at a meeting between ministers and the media held at the Industry Ministry in Naypyitaw on February 3, 2013. (Photo: Ye Min / Mizzima) |
Myanmar's rate of inflation is at 1.95 percent, while the country has some US $77 billion ir circulation, according to official data announced by Minister of Finance Win Shein at the Pyithu Hluttaw (Lower House of Parliament) session in Naypyitaw on March 4.
According to the amended 2012-13 financial statement, the budget record shows that the country had 12,774,520 million kyat ($14 billion) of total revenue for the year; 14,439,466 million kyat ($17 billion) in expenditure; and therefore a 1,664,046 million kyat deficit. The GPD is currently 51,207,577 million kyat ($59 billon).
“Each year, Myanmar‘s inflation rate is about 2 percent. We have 1.6 trillion kyat ($18 billion) of a deficit but we cannot say it’s all bad. It would be better if we could strongly anticipate our economic development,” said Than Oo, from the Yangon Institute of Economics Alumni Association.
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