If you need cash in Myanmar, you have to get up early. Queues start forming outside banks at 4 a.m., where the first 15 or 30 customers are given a plastic…
Myanmar Regime Seizes Bank Accounts of Soros Open Society Foundation
Myanmar Regime Seizes Bank Accounts of Soros Open Society Foundation
Myanmar State Counselor Daw Aung San Suu Kyi holds talks with George Soros, founder and chairman of the Open Society Foundation, in New York in September 2016. / Ministry of Information
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By The Irrawaddy 16 March 2021
The military regime has seized control of the bank accounts of billionaire George Soros’ Open Society Foundation (OSF) in Myanmar and announced that it will take legal action against the foundation, which is accused of violating restrictions on the activities of such organizations.
On Monday, military-controlled MRTV announced that the military had issued arrest warrants for 11 staff members of OSF Myanmar, including its head and deputy head, on suspicion of giving financial support to the civil disobedience movement against the military junta.
Dollar Loses Luster Against Asia s Top Performing Currency of 2020
Bloomberg 12/23/2020 Khine Lin Kyaw and Chester Yung
(Bloomberg) Zaw Moe Ko was happy that his boss in Myanmar’s commercial center of Yangon pays him in dollars until the pandemic struck. Now he can’t get rid of them fast enough.
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“I feel safer now when I have kyat rather than U.S. dollars,” he said, in what’s become a more widespread vote of confidence in the local currency. “If I only have U.S. notes, it will be hard for me to buy goods in a local market.”
YANGON: Zaw Moe Ko was happy that his boss in Myanmar’s commercial centre of Yangon pays him in dollars – until the pandemic struck. Now he can’t get rid of them fast enough.
“I feel safer now when I have kyat rather than US dollars, ” he said, in what’s become a more widespread vote of confidence in the local currency.
“If I only have US notes, it will be hard for me to buy goods in a local market.”
In a year that’s upended so many norms, the dollar’s crown has slipped.
The world’s reserve currency is trailing its Group-of-10 peers, but its slide is most evident in some shallower markets on the fringes of global finance. The kyat has gained as much as 11% versus the dollar – Asia’s best performance.