EXCLUSIVE Burma, with $6 billion in foreign reserves, is doing utmost to stabilise currency minister

20-Oct-2021 Intellasia | Reuters | 5:02 AM Print This Post

Myanmar’s military-appointed authorities are doing their utmost to stabilise the kyat currency and support an economy in crisis since a coup in February, a cabinet minister told Reuters on Tuesday, blaming the woe partly on foreign backers of opponents.

Inflation in the southeast Asian nation has soared more than 5 percent since the military took power and its foreign reserves stand equivalent to 11 trillion kyat, or $6.04 billion at the central bank’s official rate, Aung Naing Oo, the junta’s investment minister, said in a rare interview.

He attributed Myanmar’s economic troubles to sabotage by opponents of the military, a strategy he said was backed by some foreign countries, without identifying them.

https://www.reuters.com/world/asia-pacific/exclusive-myanmar-with-6 billion-foreign-reserves-is-doing-utmost-stabilise-currency-2021-10-19/

 

Category: FinanceAsia

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