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Workers count Myanmar's kyat banknotes at the office of a local bank in Yangon.   © Reuters

Myanmar moves to stave off credit crunch

New central bank regulations threaten to squeeze lending

STEVE GILMORE, Contributing writer and GWEN ROBINSON, Chief editor | Myanmar, Cambodia, Laos

NAPYITAW -- Myanmar's banking system is facing tough new regulations that could take more than $1 billion worth of local currency out of circulation, severely curtail lending and badly hurt the economy if a tight compliance deadline is not eased, senior bankers have warned.

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