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The mystery of Myanmar's gyrating kyat

Whenever Myanmar's progress with reforms appears to falter or is challenged by events on the ground, the mantra adopted by the government -- and supported by more than a few analysts -- is there will be no backsliding, that the country has gone too far to turn back the clock.

The kyat fell sharply against the dollar in early June, losing 10% of its value in less than a month.

     For the country's growing business community, there is also the comforting narrative that even if political reforms regress, Myanmar will still steam ahead on the economic front.

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