The regime is selling off coins in a supposed attempt to reduce the market price but traders say they are not cheap enough to make a difference.
New governor Daw Than Than Swe and her team, including ex-military officers, are expected to merely rubber stamp the junta’s erratic and damaging financial directives.
Bringing the official kyat exchange rate closer to informal rates and easing forced conversion rules won’t address the larger problems caused by military rule, they say.
Exposing its dire need for dollars, the debt-laden junta has ordered that all foreign currencies be deposited and converted into the local unit at a low ‘official’ rate.
The regime appears to be running out of paper money since Myanmar’s German supplier withdrew its services in March.
The collapse in the kyat since February has made the plants’ LNG fuel unaffordable; the move is expected to see more blackouts in Yangon in the days ahead.