Following the February military coup, Myanmar faces a cash crisis. Lines for cash withdrawals outside of banks start forming at 4 a.m. and last all day.
- There are only two options to get cash in the country: rare functioning cash machines or black-market brokers, charging up to a 10% commission.
- Due to unreliable internet, online banking is not available, and international transfers have been suspended.
- The head of the central bank, appointed by coup leaders, has withheld some of the private banks' reserves, leaving them short of cash.
- Banks only open occasionally as their staff strike to protest the coup, limiting opportunities to do business and international trade.
- The Burmese kyat lost 20% in value since the coup.
- The country's GDP is expected to drop 20% this year.
- According to the United Nations Development Program's analysts, the economic collapse threatening Myanmar could leave nearly half the country's 54 million people in poverty.