Myanmar interventions threaten to create 3 forex rates

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

20230626N Myanmar kyat REUTERS

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

Nikkei staff writers

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.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.