experts have characterized as a civil war.Ĭlick here to sign up for our free, seven-day newsletter course on legal cannabis in Connecticut. The economy, already suffering from the coronavirus pandemic, has been strained further by public resistance to the army’s takeover, which has led to what some U.N. Myanmar has suffered a cash crunch since the army seized power last year, ousting the elected government of Aung San Suu Kyi and triggering financial sanctions by Western governments. The order suggested that the authorities may be running short of hard currency needed to pay debts and purchase key supplies such as oil, gas and weapons. It also said that foreign currency could only be sent overseas with government approval. The conversions would be made the official exchange rate of 1,850 kyats per dollar, less that the prevailing black market rate of 2,030 kyats per dollar. ![]() The ministry said it was working to ease panic buying and retail sales would continue as usual.Īn executive of a private fuel company based in Yangon suggested the panic buying was partly due to an April 5 notice by the central bank ordering businesses and individuals to convert dollars and other foreign currency into kyats within one day or face legal consequences. ![]() ![]() The ministry sent a statement to journalists saying that Myanmar has sufficient supplies both in storage tanks and in two unloaded vessels berthed at the main port for Yangon, the country's biggest city.
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