Myanmar: Serenity Amid Conflict at Myanmar’s Indawgyi Lake

Aug 16, 2017 | Hugh Scobie, Adelaide Review
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Myanmar is a part of the world where poverty and wealth become very confusing — it suffers from the ‘resource curse’; abundant natural resources but a weak political system that sees the majority of the wealth flow to a small group of elites and foreign-owned companies. The northern regions have an incredible amount of gold, jade, rubies and gemstones, yet sources of cash income are rare. You’re likely to find local children dressed in rags but sporting solid gold earrings, or with a sizeable ruby decorating their nose. Due to mismanagement and some truly bizarre decisions by previous governments, including multiple instances of ‘demonetisation’, many locals distrust the national currency, the kyat. Instead, they store their wealth in gems and precious metals, which distorts how wealth is gathered, stored and traded.