Myanmar’s junta powerless as currency drops 60% in four weeks, economy tanks

Published by
Reuters

(Reuters) – Myanmar’s currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup eight months ago. “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. In August, the Central Bank of Myanmar tried tethering the kyat 0.8% either side of its reference rate against the dollar, but gave up on Sept. 10 as…

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