After the Financial Action Task Force (on Money Laundering) (FATF) added Myanmar to the blacklist, the price of palm oil in the state market has increased by more than 9,000 viss, according to a member of the Mon State Palm Oil Manufacturers Association.
After the announcement of the blacklist, on the morning of October 22nd, the price of palm oil rose to 8,500 kyats, and on the morning of October 25th, the price remained at 9,800 kyats.
“The price of palm oil jumped immediately after the news that the blacklist was announced. Some stores have not yet sold it. I think it is because of the price change,” he said.
He added that the price of palm oil fluctuates rapidly, so it has not been possible to sell it at a lower price at the moment. The price of palm oil rose to 10,000 kyats per viss, but in September palm oil fell back to 6,500 kyats per viss.
“I’m still happy that the palm oil prices have come down again. It immediately went up to 8,500 in one morning. I didn’t buy much. I only bought as much as I needed at the store,” said a palm oil seller from the Mawlamyine market area.
He added that due to changes in the price of palm oil, purchases in the market are a little calm.
Due to changes in the price of palm oil, the Supervisory Committee for Import, Storage and Distribution of Edible Oil has not published the basic reference price of palm oil.
The Financial Action Task Force (FATF)’s blacklisting of Myanmar will not only affect foreign trade, money exchange, illegal businesses and money laundering, but will also affect the domestic goods market.
