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Bloomberg/Khine Lin Kyaw and Chester Yung/12-23-2020
“‘I feel safer now when I have kyat rather than U.S. dollars,’ [Zaw Moe Ko, a Myanmar citizen] said, in what’s become a more widespread vote of confidence in the local currency. ‘f I only have U.S. notes, it will be hard for me to buy goods in a local market.’”
USAGOLD note: This article chronicles the unusual circumstance in many countries wherein the local population would rather have their savings in the local currency than dollars. It ends with the same individual ( a citizen of Myanmar) quoted above explaining how he still kept half his savings in dollars, but as the pandemic worsened “decided to sell them all and bought some gold instead.” It seems a light switched on for Zaw……
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