Run on banks: People lining up outside a bank in Yangon to withdraw cash in May. The Central Bank’s efforts to quell the rush for dollars have failed to stem the kyat’s slide, which began after the military coup in February. — Reuters
Restrictions on cash withdrawals have fuelled worries about the safety of money in banks, prompting people to seek more widely used currencies such as US or Singapore dollars or Thai baht, analysts said. The currency sell-off is the latest crisis to hit the country that is still grappling with street protests following the ouster of the civilian government led by Aung San Suu Kyi.
The plunging currency is already taking its toll on Myanmar’s economy, with some businesses shutting down as they are unable to cope with rising costs of imports and raw materials. The currency volatility is expected to ease soon due to recent steps taken by the authorities and higher export earnings seen in November and December, Win Thaw, a deputy governor at the Central Bank of Myanmar, said on Oct 11.
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