Myanmar

Myanmar's Economy Is Deteriorating as Its Civil Conflict Intensifies, World Bank Report Says

Myanmar's economy is forecast to grow only 1% in the fiscal year that ends in March, the World Bank says, as conditions deteriorate with an escalation in fighting between the military and its opponents that has newly displaced more than 500,000 people, the Associated Press reported. Intensified fighting near Myanmar's border with China has blocked trade routes, causing shortages of food and other necessities and worsening inflation that was already near 30%, the World Bank said in a report Tuesday.
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Regime's Foreign Currency Restrictions Push Myanmar Toward Bankruptcy

New restrictions on U.S. dollars introduced last week by the Central Bank of Myanmar (CBM) have come as a crippling blow to businesses already struggling in an economic recession resulting from post-coup political turmoil and the COVID-19 pandemic, The Irrawaddy reported. The new restrictions saw the bank revoking the exemption from mandatory currency conversion given to companies with a minimum 10 percent foreign ownership.

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Myanmar Currency Hits Record Low as Economy Fails to Normalize

Myanmar's foreign exchange hit a record low of 1,660 kyat on the dollar on Monday, according to state media. Despite continuous efforts by the junta, the currency has lost 20% of its value since a military coup on Feb. 1, Nikkei Asia reported. The previous record low was 1,650 kyat on the dollar in September 2018 when the China-U.S. trade war led to a fall in the value of the yuan. That also brought down the kyat. The drop results from growing distrust in the national currency that has prompted many to turn to money changers in search of hard currencies.
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