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Myanmar Crisis

Myanmar plans $200m currency intervention to fight inflation

Local currency kyat slides nearly 40% in August as fuel prices climb

The depreciation of the kyat against the dollar is believed to have been triggered by the central bank's forced currency conversion rule.

BANGKOK -- Myanmar's central bank has decided to inject over $200 million worth of foreign currency into the forex market to control inflation that it says is caused by soaring fuel prices.

The central bank has frequently sold dollars to defend its currency, but this marks the first intervention of over $100 million since the military took control of the government last year. Such operations are capped at around $50 million.

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