Myanmar Nears Economic Collapse After Coup and COVID Pandemic

Myanmar’s economy further suffers and nears collapse as the country grapples with COVID-19 and a military coup. 

Banks implemented measures in order to deter cash outflow, such as placing limits on ATM cash withdrawals and introducing token systems on counter transactions. The Myanmar central bank restricts cash withdrawal to 20 million kyat for companies and 2 million kyat for individuals. However, more can be withdrawn for purchasing COVID-related medicines and medical equipment. 

The World Bank released a survey on business firms in Myanmar and discovered that the impact of the military coup was more destructive than COVID-19. 

Myanmar’s military government expressed economic difficulties as well. Vice Senior General Soe Win urged ministries to spend sparingly. 

Military Chief Senior General Min Aung Hlaing warned on August 10 about trade and budget deficiencies in a government meeting, according to state media reports. 

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.