Myanmar’s new military regime is striving to present a business-as-usual approach to the economy in the face of daily street protests, but even a normally pliant private sector is crying foul at some of its initial steps.
A new Central Bank deputy governor has lashed out at protesters and bank staff who have joined the Civil Disobedience Movement and forced private banks to close their branches, and claimed the military regime is “doing its best” and should be given more time.
Since health authorities introduced stay-at-home orders for Yangon in September, informal workers and small business owners have faced a grim struggle to make ends meet amid a lack of government assistance.
The digital payments sector has boomed in Myanmar over the past six months as consumers have sought to minimise contact with others to curb the spread of COVID-19, and new investment and plans for interoperability could soon deliver a much bigger boost.
The Kayin State Border Guard Force has come under intense pressure from the Tatmadaw over its extensive, controversial business interests and there’s concern the ultimatum could trigger fresh hostilities in one of the country’s most war-torn areas.