Myanmar Currency Drops 60% In Weeks As Economy Tanks Since February Coup

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Breadcrumb Trail Links PMN Business Author of the article: Article content Myanmar’s currency has lost more than 60% of its value since the beginning of September, driving up food and fuel prices in an economy that has tanked since a military coup eight months ago. Many gold shops and money exchanges closed on Wednesday due to the turmoil, while the kyat’s dive trended on social media with comments ranging from stark warnings to efforts to find some humor as yet another crisis hits the strife-torn nation. “This will rattle the generals as they are quite obsessed with the kyat rate as a broader barometer of the economy, and therefore a reflection on them,” Richard Horsey, a Myanmar expert at the International Crisis Group, said. …

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financialpost.com/pmn/business-pmn/myanmar-currency-drops-60-in-weeks-as-economy-tanks-since-february-coup

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