Myanmar heading Sri Lanka way, courtesy of China and junta

Panic has gripped Myanmar over the growing likelihood of a Sri Lanka-type economic collapse or a Pakistan-type economic crisis after the country's central bank called on all citizens this month to convert their foreign currency holdings and remittances received from abroad into the local currency kyat within a day. Myanmar's foreign reserves are believed to have dwindled sharply and foreign debt has escalated as western sanctions following the Feb 2021 coup and the raging Covid pandemic have impacted the nation's economy.

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