Myanmar's president says the strengthening local currency is hurting the economy and garment factories face closure if the U.S. dollar continues to weaken, according to AP. President Thein Sein in a speech broadcast Thursday said the dollar has fallen from 800 kyat to 750 kyat, dealing a blow to Myanmar's exporters. Farmers and garment factories have been the hardest hit with some factories in the industry that employs thousands facing closure. The speech in the capital Naypyitaw is the first time the president has publicly acknowledged that the country, which is run by a military-dominated government, faces economic hardship. He said to ease the crisis the government has removed export taxes on some agricultural products. He said more measures are needed.
