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Myanmar going through twin challenges of currency crisis and Covid-19

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Myanmar is going through an unprecedented currency crisis. Dollar shortage in former Burma is prompting the cost of imports touch skies.

It is worsening Myanmar economy’s struggle with the twin challenges of pandemic and post-coup financial isolation.

Reports say kyat ( the basic monetary unit of Burma) has tumbled about 50 per cent since the military coup.

Myanmar in February saw a coup in which the military seizing power, snatched all the rights of its civilians.

Violence and protests have resulted in a freeze on parts of Myanmar‘s foreign reserves held in the U.S. and suspension of multilateral aids.

Myanmar and its currency woes

Now, the restrictions on cash withdrawals are fuelling worries about the safety of money in banks.

The latest currency sell-off has begun to hit Myanmar badly that is still grappling with street protests.

Moreover, the ouster of the civilian government led by Aung San Suu Kyi has made the political situation grim.

Moreover, the plunging currency has begun taking its toll on the country’s economy.

Businesses are shutting down after rising costs of imports and raw materials.

India, being its neighbour, stressed that it remains in full support of restoring the democratic process in Myanmar.

Earlier, the ASEAN leaders had urged the head of Myanmar’s military chief Senior General Min Aung to end the violence in Myanmar.

Since February 1, 2021, Myanmar has been living under a coup. Besides, Myanmar’s currency woes, a tumbling economy and human rights violations are fueling the crisis.

Furthermore, FDI into Myanmar has also dwindled with multinational companies becoming more reluctant of doing business with the Tatmadaw.


ALSO READ | Myanmar Decides To Vaccinate Rohingyas Amid Rising Covid-19 Cases

Hina Fatima Khan
Hina Fatima Khan
Multi-media Journalist based in India with an experience of 7 years in the industry, Hina Fatima Khan works as a Senior Sub-Editor at The Vocal News. Her areas of interest are Politics, Business, History and World Affairs. She is also a Space enthusiast and enjoys scrabble in the Newspapers. She has done Masters in Convergent Journalism from Mass communication Research Centre (MCRC), Jamia Millia Islamia University.

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