The army-controlled central bank has also issued new 20,000 kyat banknotes, the highest denomination among Myanmar’s current currency notes.
But these moves, coupled with global action against the country, are hurting the Myanmar people.
“In the past, foreign direct investment thrived, and there were many factories, restaurants and hotels around. As service providers to them, we flourished alongside them,” said one Myanmar businessman, who only wanted to be known as “Myat”.
“But the current landscape is starkly different, with establishments shuttering. Investors are departing, and every sector is struggling. Big hotels are unhappy over their lack of prosperity. Large factories are suffering amid this unstable economic wave.”
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