Four months after the start of military rule since the military coup of February 1 that overthrew the civilian government led by Aung San Suu Kyi, and with a weakening of the local currency, the junta has yet to master the difficulties economic precipitated by the seizure of power

ANI | , Naypyitaw

PUBLISHED MAY 30, 2021 07:08 IST

Amid the ongoing humanitarian crisis in Myanmar due to the February 1 military coup, people are facing a cash crunch and rising prices for goods and services as they withdraw their savings from banks by concern for the future.

Four months after the start of military rule since the military coup of February 1 that overthrew the civilian government led by Aung San Suu Kyi, and with a weakening of the local currency, the junta has yet to master the difficulties economic growth precipitated by the takeover, Kyodo News reported.

In the country’s largest city, Yangon, people form long lines in front of banks every day before dawn, to get money.

Additionally, the country’s financial institutions became crippled at the onset of the military regime, with bank workers and others refusing to report to work amid growing civil disobedience movements.

Financial institutions have since started to gradually resume operations, but the military has maintained restrictions on the amount of withdrawals people can make, in order to avoid a run on the banks.

Those who managed to withdraw money from their bank accounts converted it to U.S. dollars on the black market or kept it under their mattresses, Kyodo News reported.

He further reported that the cash shortage also made it difficult for the military to pay soldiers on time, leading some of them to looting.

As violence continues to escalate in Myanmar, more than 800 people have been killed and 4,330 people are currently in detention.



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