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Economy

Myanmar's currency black market thrives in banks' shadow

Informal trading still on par with legitimate dealings, amplifying kyat's swings

YANGON -- Even as banks take on a growing share of foreign exchange trading in Myanmar, black market dealers remain firmly entrenched, with the short-lived crackdowns by the government when the kyat moves too sharply doing little to root out the problem.

The building that houses the Yangon Stock Exchange was once a branch of the Reserve Bank of India, a relic of the British colonial era. Now it serves as a symbol of the modern economic system adopted by Myanmar with its transition to democracy.

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