Irrawaddy-Sept 29

Almost eight months after the military coup, Myanmar’s currency depreciated to a record low this week, prompting fears of worsening social and economic instability in the country. On Tuesday, the US dollar exchange rate rose to a record high of around 2,500 to 2,700 kyats per dollar. Prior to the Feb. 1 coup, the exchange rate was between 1,300-1,400 kyats per USD. People are only looking to buy US dollars in the currency market, with almost no one willing to resell, pushing the value of the greenback up sharply against the local currency, according to market sources. As a consequence, transportation costs have risen, as well as domestic commodity prices and the prices of some imported goods. On Wednesday, some companies abruptly halted their sales of imports due to the serious drop in the kyat’s value. An analyst said, “They can’t solve this crisis. It is clear that they cannot do it. The whole economy is collapsing because of them,” he said. Read more at:

https://www.irrawaddy.com/news/burma/myanmars-currency-hits-record-low-as-coup-wreaks-havoc-on-economy.html