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Myanmar’s economy declines despite junta claims of progress

The value of the kyat plummets to a record-breaking low after the junta chief boasts to Russian media of economic growth

Min Aung Hlaing recently told a Russian news agency that Myanmar’s economy was on an upward trajectory, but the value of the country’s currency plummeted in the days following the coup leader’s comments. 

During a private March 18 interview with ITAR-TASS media in the military-controlled capital of Naypyitaw, the junta chief said that a decline in Myanmar’s economy had been in place since 2018 due to “mismanagement” by the elected civilian National League for Democracy (NLD) government, whose administration his army ousted in a 2021 coup. He claimed that the country’s economic outlook was positive since his military council had taken control. 

Earlier this year, the Myanmar kyat was valued at 3,370 to the US dollar, but by early April had depreciated by 16 percent to 3,900 kyat per dollar.

The price of gold also went up by 22. . .

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