Myanmar Spring Chronicle – August 22 Scene
(MoeMaKa) August 23, 2024
Various Challenges and Opportunities Amidst the Civil War
In Myanmar, people are facing daily hardships such as the rapid increase in the prices of food, medicine, goods, and transportation costs due to the devaluation of the kyat. Corruption has become rampant, and the rising crime rates, including theft and murder, have added to the daily struggles. Despite low incomes, the cost of living continues to soar, forcing citizens to deplete their savings just to survive amid the ongoing conflict.
As the kyat continues to lose value, essential goods like food and medicine become more expensive, and the need for money to flee from war zones has become a significant concern for many. People are also dealing with the destruction of their homes, belongings, and the risk of injury or death from bombings and armed clashes. Those with limited resources are particularly vulnerable, having to use their savings to keep their families alive.
In rural areas, those without land for farming or livestock are struggling the most, while in the cities, day laborers and workers are facing severe hardships. The rising costs of goods, along with supply shortages, have the most significant impact on the lower-income population.
Shortages of food, fuel, and disruptions to transportation due to ongoing fighting have led to unpredictable and skyrocketing prices. Housewives report that cooking oil prices have become unaffordable, and essential items are becoming increasingly difficult to purchase.
The chaotic financial situation has also led to an imbalance in the prices of food and medicine, with pharmacies often running out of essential supplies.
The current situation in Myanmar brings to mind a quote from the famous novel “Gone with the Wind,” which states that the best times for making money are during periods of decline and reconstruction. In times of war, military forces often block goods from reaching enemy territories, leading to situations where consumers have no choice but to pay high prices for low-quality products. Those who dare to trade during such times can set their prices, forcing consumers to pay whatever they demand.
The recent financial turmoil is undeniably linked to the ongoing war, misguided policies, and mismanagement. However, some are also taking advantage of the situation to engage in market speculation.
For instance, on days when the exchange rates are unstable, some individuals profit by trading kyat, gold, and dollars, taking advantage of the situation to make substantial gains. Market speculators understand the influence of media and use it to their advantage, creating panic among the public to profit from their fears.
For the people of Myanmar, who are forced to rely on the currency issued by the military council, the devaluation of the kyat has worsened due to speculation and rumors. Such events have occurred multiple times in recent years. In reality, this is a time when people should be helping each other, but it is disheartening to see some using the situation as an opportunity for personal gain.