Myanmar’s economy is in a state of turmoil. The rapid depreciation of the Myanmar kyat has sent prices soaring, making it increasingly difficult for ordinary citizens to afford basic necessities like food and medicine.
This economic crisis is exacerbated by the ongoing civil war and the junta’s mismanagement of the country.
The kyat has experienced extreme volatility in recent weeks, plummeting to a record low against the US dollar. This decline is largely attributed to the junta’s decision to print more money to prop up the currency.
As a result, people are scrambling to exchange their kyats for more stable currencies like the Thai baht.
The devaluation of the kyat has had a cascading effect on prices. The cost of essential goods, including groceries and medicines, has skyrocketed. This is compounded by rising transportation costs and disruptions in border trade.
The situation is particularly dire for those living in major cities, where the impact of inflation is most keenly felt.
The junta’s heavy-handed approach to economic stabilization has only worsened the crisis. The government has arrested numerous individuals involved in foreign exchange trading and gold trading in an attempt to curb the kyat’s decline. However, these measures have proven ineffective.
The National Unity Government (NUG), a group of former lawmakers and junta opponents, has criticized the military’s economic policies. They argue that the junta’s reckless printing of money is fueling inflation and creating a severe economic crisis.
Image- AFP
