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Myanmar's junta on Thursday threatened to downgrade diplomatic ties with Australia after it said Canberra would not replace its recently-departed ambassador to the military-run country.
The surprise decision to fix the rate of the kyat has harmed the competitiveness of Myanmar’s rice exports, traders say, and orders from abroad are already beginning to decline.
Another jump in fuel prices since Russia invaded Ukraine has brought extra suffering for the people of Myanmar as they struggle with economic fallout from the coup and the COVID-19 pandemic.
Mitch McConnell says he supports democracy in Burma, but he has been slow to act, and his prominent position in shaping policy means he is dragging the US response down with him.