While Sri Lanka faces a political crisis fueled by an economic crisis, junta-ruled Myanmar is reeling as an island nation with rising violence and a continuing economic downturn. The currency was trading at around 2,400 per dollar after falling further as pro-democracy protests took place across Myanmar to mark the 75th anniversary of the assassination of the father of the country’s independence hero and ousted leader Aung San Suu Kyi.
Even though the country’s central bank has ordered all companies with 35 percent foreign investment to convert their foreign currency holdings into the local currency cat by July 18. A report by Myanmar’s Global New Light said unspecified action would be taken against companies that do not comply with the rules. The rule aims to relieve pressure on CAT to include more businesses.
A day before the coup on February 1, 2021, the kyat stood at 1,340 against the US dollar. Food and fuel prices in Myanmar have risen with the fall in the value of the kyat, and experts fear the crisis could deepen in the country.
Meanwhile, violence is escalating in Myanmar as the military regime continues to crack down on pro-democracy voices. The protest on Tuesday was dispersed shortly after to avoid clashes with security forces.
Myanmar’s Liberal Democratic Party National League for Democracy said 48 NLD leaders had been killed and more than 900 party lawmakers arrested since the coup. Kyaw Htwe, a spokesperson for the NLD’s human rights record group, told a media conference that 11 party leaders died in custody, while eight others died in prison.
Myanmar’s opposition National Unity Government, which considers itself the country’s legitimate government, has said despite spending 95 percent of its budget it is unable to meet the need for firearms for its armed forces, which it says needs at least $10 million a month. Fund for the resistance movement. The 259 township-based battalions of the NUG’s armed wing have about 80,000 to 100,000 members, according to people familiar with the matter. The NUG claims that most of the guerrilla forces are in contact with them.
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