Economy

Uzbek Plane Supplies Myanmar Junta with Banknote Paper

By The Irrawaddy 9 December 2021

An Uzbekistan Airways plane landed at Yangon International Airport on Tuesday night, carrying paper used for printing banknotes.

According to evidence received by The Irrawaddy, the cargo consisted of 92 boxes of paper weighing 35 tonnes.

The regime has seen a serious decline in tax revenues due to the impact of COVID-19 and military rule on businesses. Citizens have also refused to fund the regime, including by refusing to pay utility bills or buy state lottery tickets. International agencies have suspended aid since the Feb. 1 coup.

Meanwhile, military expenditure has risen to fight the armed revolution gathering pace across the country.

The junta has been printing money to address the deficit.

In March, the German banknote manufacturer Giesecke and Devrient suspended its printing supplies in response to growing violence being used against peaceful protesters.

Although the junta-controlled Central Bank of Myanmar did not officially announce that it was printing new money, fresh banknotes entered circulation in August.

The kyat has depreciated by around 24 percent since the coup with the World Bank and Independent Economists for Myanmar predicting continued inflationary pressure.


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