EconomyMyanmar's currency black market thrives in banks' shadow
Informal trading still on par with legitimate dealings, amplifying kyat's swings
Unlike in advanced economies, Myanmar's banks and other institutions are believed to refer to the black market's foreign exchange rate, and authorities are sensitive to its movements. © Getty Images
YUICHI NITTA, Nikkei staff writer
August 14, 2019 13:01 JST
YANGON -- Even as banks take on a growing share of foreign exchange trading in Myanmar, black market dealers remain firmly entrenched, with the short-lived crackdowns by the government when the kyat moves too sharply doing little to root out the problem.