Myanmar’s de-dollarization looks like financial suicide

CHIANG MAI – After a 12 months of political, social and financial self-destruction, Myanmar’s coup-installed junta seems now to be committing monetary suicide.

On April 3, Myanmar’s central financial institution issued a directive requiring all Myanmar electorate to modify their foreign exchange holdings and transmittances from in another country into Myanmar kyats at state-licensed banks. The directive, printed in state media and branded by means of critics as a determined cash clutch, stated the switch should be carried out inside “one working day.”  

It continues to be unclear how the crude measure can be enforced and applied however follow-up steering has stated that US greenbacks should be modified at a fee of one,850 kyats to the buck, yielding the central financial institution a providence at the change on the prevailing marketplace fee of two,015 kyats to the greenback.

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