Myanmar's ongoing economic problems were caused by "outside factors" and two waves of COVID-19 infections, but the military government takes full responsibility and is working hard to address them, a spokesman said on Thursday, Reuters reported.

Myanmar's currency has lost more than 60% of its value since the beginning of September, driving up food and fuel prices in an economy that has tanked since a Feb. 1 military coup.

Many gold shops and money exchanges have closed in Myanmar due to the turmoil, while the slumping kyat has been a hot topic on social media networks, where users on Thursday posted images of panic-buying of fuel, or gas stations closing due to shortages.