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Exclusive: Myanmar, with $6 billion in foreign reserves, is doing utmost to stabilise currency -minister


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ReutersEconomy16 minutes ago (Oct 19, 2021 06:16AM ET)

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© Reuters. FILE PHOTO: Workers count Myanmar’s kyat banknotes at the office of a local bank in Yangon April 2, 2012. REUTERS/Soe Zeya Tun/

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(Reuters) – 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% 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.

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