Myanmar coup: People face cash shortage, rising prices of goods and services

Myanmar citizens have been facing an increasing shortage of cash and overall hikes in prices of goods and services as they are withdrawing their savings from banks due to concerns for their future, and economic woes since the February 1 military coup, local broadcaster Kyodo News reported. Four months after the military Junta toppled the democratically elected government led by Aung San Suu Kyi, the currency has been depreciating. The value of Myanmar’s currency Kyat dropped 14 percent just two months after the coup against the US dollar. As a result, the Southeast Asian country has been facing inflation on goods and products causing consumer prices to soar due to the currency crisis. 

In Myanmar's most populous city Yangon has been queuing outside the banks amid the ongoing financial crisis. Several bank employees have financial experts who have either stepped down or refused to conduct their duties in defiance of the military Junta regime. Due to civil disobedience movements, the military has imposed several restrictions, including cap on the withdrawal of the sum of money from the banks and financial institutions. This has led many citizens to exchange the currency for the US dollar from the black markets. Reports also emerged stating that the lack of finance has made it difficult for the military to pay soldiers in time. This has led to looting. Soldiers have arbitrarily detained nearly 4,330 civilians, and as many as 800  have been killed so far. 

Adding to the nation's financial woes, Japan had warned last week that it may freeze all support aid to Myanmar, as the military Junta continues to use coercion and lethal tactics against the civilians that demand the restoration of the democratically elected government in southeast Asian country. Following the unlawful seizure of political power, Japan, which is one of the top economic donors of Myanmar, halted major economic aid in February. A report carried by the Japanese Asahi Shimbun newspaper had revealed that Japan halted new development funding of approximately 100 billion yen ($980 million) to Myanmar over human rights abuses amid the civil unrest.

[Anti-coup protesters march during a demonstration in Yangon, Myanmar. Myanmar’s military rulers are seeking to limit access to the internet to an internal network of only “whitelisted” sites to quash widespread opposition to their seizure of power, according to a report by the International Crisis Group. Credit: AP Photo/File]

Military chief says 'will shift to civilian rule'

Earlier, Myanmar’s military chief Senior General Min Aung Hlaing expressed his intention to make a shift to civilian rule in the country. In his first-ever interview since the February coup d'etat, the Tatmadaw chief told Hong Kong Pheonix Television that the military’s purpose is to “establish a federal state based on multiparty democracy.” Therefore, he added that a shift from the current military to a more civilian rule could take place within 12 or 18 months if circumstances allow. Later, Japan’s Public Broadcaster NHK World stated that Hlaing appeared to suggest that the military rule is only temporary in a bid to obtain understanding from anti-coup protesters and the international community.  

IMAGE: AP