🇲🇲 #Myanmar
Myanmar's currency has plummeted as a result of the crisis. The kyat has lost roughly 60% of its value against the dollar in the last four weeks. Many exchange offices have closed since they no longer have any dollars to spend,
Myanmar's currency has plummeted as a result of the crisis. The kyat has lost roughly 60% of its value against the dollar in the last four weeks. Many exchange offices have closed since they no longer have any dollars to spend,
and the central bank no longer publishes the currency rate on its Internet application. To save dollars, the government halted granting import licenses on Wednesday.
What was once Southeast Asia's richest country has been plunging deeper and deeper into economic catastrophe since the military revolution on February 1. The central bank, which is controlled by the military junta,
attempted in August to keep the kyat in a range of 0.8 percent higher or lower than its reference rate to the dollar. They abandoned this strategy on September 10 due to growing pressure on the exchange rate. They She gave no official justification for the change of course,
but observers believe the country's dollar reserves have melted. Myanmar had only $ 7.67 billion in reserves at the end of last year, according to World Bank data, before the military coup.
For example a sack of rice (48 kilograms) now costs 48,000 kyat (officially 22.27 euros), more than double what it did before the coup.
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