Ever since last year’s deposition of the civilian government by the military, Myanmar’s economy has been suffering. There were cash shortages, sharp increases in the prices of consumer goods, and a rapidly descending value of the Myanmar Kyat (MMK). Myanmar’s military administration is moving to intensify its control over movements of foreign currency due to the effect of Western sanctions, particularly those from the U.S. The declaration, dated April 3 and published in state media on April 4, was announced that the Central Bank of Myanmar (CBM) ordered banks and other holders of foreign currency exchange earned by locals in Myanmar to deposit in accounts at licensed banks and exchange for kyats within one working day. It added that “failure to comply with this notice will result in legal action under the Foreign Exchange Management Law.”
There were concerns of speculators about being able to access their deposited savings and how much could be withdrawn. Some speculators said “If we can’t withdraw, everything we earn will be stuck in the bank,” said some speculators. Moreover, there has yet to be a follow up statement to the exchange order or any representative of the Central Bank officially speaking to the news media regarding this decision.
According to Myanmar’s local news, the media reported that the Vice-Chairwoman of Myanmar’s Central Bank, Than Than Swe, was shot dead in her house yesterday (April 7). The shooting comes a few days after the central bank issued a controversial order. There are now rumors circulating on social media that it was one of the anti-junta underground groups that carried out the assassination. After the statement of witnesses, the security guard started to search for a vehicle that the assailant had used. At the time of this news publication, none of the official announcements had been published regarding this incident.
Published 08/04/2022
By Ashley Jones
