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Myanmar Crisis

Myanmar interventions threaten to create 3 forex rates

Military government cracks down on black-market trades to stem weakening of kyat

Stacks of Myanmar kyat sit on a counter at a bank in Yangon.   © Reuters

BANGKOK -- Currency intervention and crackdown actions by Myanmar's military government have fueled concerns that a three-tiered foreign exchange market will develop there.

The Central Bank of Myanmar has set an official exchange rate of 2,100 kyat per dollar since August 2022. But the authorities also tacitly allowed market-rate conversions at money-changers and between companies authorized to hold foreign currencies.

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