Myanmar's growing price controls deepen economic woes

BANGKOK/YANGON -- Myanmar's military regime is introducing tougher price controls for daily necessities in a bid to curb rampant inflation, yet its heavy state involvement reminiscent of socialism is driving down the currency further and exacerbating credit concerns.

At a July meeting with key officials, military regime leader Senior Gen. Min Aung Hlaing said cooperatives were the best economic system for Myanmar. "We will spare no expense or other assistance" for their creation, he said.