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Myanmar Crisis

Myanmar currency hovers near all-time low

Flip-flopping on forex trading band rules rattles market, pushes down kyat

A money-changer's office in Yangon: Myanmar's currency, the kyat, has fallen 20% to 30% since a military takeover of the government on Feb. 1.

BANGKOK/YANGON -- Myanmar's currency, the kyat, fell to an all-time low this week after the country's central bank reversed exchange rate regulations imposed in August. The depreciation will make it even harder for the government to stabilize the Southeast Asian country's economy, which has been disrupted since the military takeover in February.

On Thursday morning, money-changers in Yangon, Myanmar's largest city, offered a buy rate of 1,900 kyat per dollar and sell rate of 1,930 kyat per dollar, unchanged from the previous day but about 200 kyat lower than a week earlier. On Tuesday, the exchange rate at money changers hit a historical low, while the Central Bank of Myanmar has maintained its lowest-ever reference rate of 1,750 kyat per dollar on its website since Monday.

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