Myanmar junta “takes responsibility” for country’s crisis
The military government in Myanmar on September 30 said it was taking “full responsibility” for the country’s massive economic problems but at the same time claimed that they were caused by unspecified “outside factors” and two waves of Covid-19 infections.
While this statement is in itself illogical, a government spokesman made the narrative even more abstruse by saying that the junta was “working its best to solve this situation as best as possible.”
The ruling military council’s spokesman Zaw Min Tun made the remarks at a news conference after the country’s currency, the kyat, lost more than 60 per cent of its value against the US dollar since the beginning of September, not just because of the continued double-whammy crisis of coup and Covid-19, but also because of helpless decisions by the central bank to loosen the trading band of the kyat to the US dollar at the height of troubles in early September.
Prices rise, panic buying followed
The devaluation has driven up food and fuel prices in an economy that has already tanked since the ill-conceived February 1 military coup that has caused the country’s population falling more and more into an abyss of despair. In addition, the central bank is now unable to meet local demand for US dollars or any other hard currency, robbing people of their savings as the kyat disintegrates.
Many gold shops and money exchanges have closed in Myanmar due to the turmoil, while the slumping kyat has been a hot topic on social media networks where users are posting images of panic-buying of staples and fuel or gas stations closing due to shortages.
The World Bank recently predicted that Myanmar’s economy would slump 18 per cent this year and the battered nation would see Southeast Asia’s biggest contraction in employment.
Now, that leaves a lot of work to do for the junta, but it serves them right since it wouldn’t even have occurred in that magnitude without a military takeover.
[caption id="attachment_37652" align="alignleft" width="300"] Myanmar's prime subverter Min Aung Hlaing in all his fantasy medal glory "takes responsibility"[/caption] The military government in Myanmar on September 30 said it was taking “full responsibility” for the country’s massive economic problems but at the same time claimed that they were caused by unspecified “outside factors” and two waves of Covid-19 infections. While this statement is in itself illogical, a government spokesman made the narrative even more abstruse by saying that the junta was “working its best to solve this situation as best as possible.” The ruling military council’s spokesman Zaw Min Tun made...
The military government in Myanmar on September 30 said it was taking “full responsibility” for the country’s massive economic problems but at the same time claimed that they were caused by unspecified “outside factors” and two waves of Covid-19 infections.
While this statement is in itself illogical, a government spokesman made the narrative even more abstruse by saying that the junta was “working its best to solve this situation as best as possible.”
The ruling military council’s spokesman Zaw Min Tun made the remarks at a news conference after the country’s currency, the kyat, lost more than 60 per cent of its value against the US dollar since the beginning of September, not just because of the continued double-whammy crisis of coup and Covid-19, but also because of helpless decisions by the central bank to loosen the trading band of the kyat to the US dollar at the height of troubles in early September.
Prices rise, panic buying followed
The devaluation has driven up food and fuel prices in an economy that has already tanked since the ill-conceived February 1 military coup that has caused the country’s population falling more and more into an abyss of despair. In addition, the central bank is now unable to meet local demand for US dollars or any other hard currency, robbing people of their savings as the kyat disintegrates.
Many gold shops and money exchanges have closed in Myanmar due to the turmoil, while the slumping kyat has been a hot topic on social media networks where users are posting images of panic-buying of staples and fuel or gas stations closing due to shortages.
The World Bank recently predicted that Myanmar’s economy would slump 18 per cent this year and the battered nation would see Southeast Asia’s biggest contraction in employment.
Now, that leaves a lot of work to do for the junta, but it serves them right since it wouldn’t even have occurred in that magnitude without a military takeover.
