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Myanmar Central Bank all Foreign Currency Must be Converted to Kyat.

· Economy,Gov Finance

In a suprising move even to local banks, the Central Bank announces that all foreign currency accounts must be converted to local currency.  The announcement dated April 3rd gave a USD exchange rate of 1,850 Myanmar Kyat to $1 USD,  well below the over 2,000 kyat exchange rate.  Some labeling this a money grab for  the cash  strapped government.

Credit:  Bangkok Post

 

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