Myanmar's currency has lost more than 60% of its value since the beginning of September in a collapse that has driven up food and fuel prices in an economy that has tanked since a military coup, Reuters reported.

In August, the Central Bank of Myanmar tried tethering the kyat 0.8% either side of its reference rate against the dollar but gave up on Sept. 10 as pressure on the exchange rate mounted.

In a report published on Monday, the World Bank predicted the economy would slump by 18% this year, partly due to the pandemic, and said Myanmar would see the biggest contraction in employment in the region and the number of poor in the country would rise.