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Myanmar’s kyat has depreciated sharply against the U.S. dollar and other currencies, raising prices for many necessities, while restrictions on trade and movement and active fighting have disrupted farming.

It said the military administration’s efforts to attract foreign exchange and stabilize Myanmar’s currency, the kyat, have “generally been ineffective,” causing uncertainty and distorting markets.

The Central Bank’s official exchange rate is set at 2,100 kyats to the dollar.

The report said households faced severe pressure due to lower purchasing power and higher food and fuel prices, with the kyat currency plunging around 31% against the U.S. dollar.

The kyat’s value dropped by about a quarter in June-December last year and has less than half the value it had two years earlier.