"The prices of our smartphones imported to Myanmar in next batches are likely to fall because of CBM's recent move on foreign currency flows," U Maung Maung Lwin, manager from Oppo Myanmar told Xinhua on Wednesday.
However, the prices of already-imported products would not change due to the central bank's move, he added.
Dr. Soe Tun, patron of Myanmar Automobile Manufacturers and Distributors Association (MAMDA), also said in a social media post that Myanmar's imported goods prices including the prices of petroleum, edible oil, drugs, construction materials and consumer goods are likely to drop by around 10 percent in the near future if the country's export earnings in foreign currency is sufficient.
Myanmar's central bank recently announced that anyone living in the country has to sell their earnings received in foreign currency overseas in Myanmar kyats at its reference exchange rate of 1,850 kyats per U.S. dollar in one working day at authorized dealer licensed banks.
The country typically imports capital goods, intermediate goods and consumer goods while exporting agricultural products, animal products, fisheries, minerals and forest products, manufacturing goods and others to foreign countries.
Latest comments