Myanmar currency trade turns to online groups on Facebook amid crisis

People gather outside ATM machines at a local bank branch in Yangon, Myanmar, in this file photo dated March 17. Online groups, which run mainly on Facebook, have become a way for buyers and sellers of currencies to connect, often relying on trust when arranging physical exchanges of notes. - AP

YANGON, Oct 3 (Reuters): As Myanmar's economic slump deepens after February's military coup and parts of its financial system freeze up, many in the strife-torn country are turning to online groups to bypass official channels to trade currencies.

The fragility of the financial system was further exposed this week when the kyat currency sank to new lows after the central bank gave up on attempts to prop it up. Many licensed money exchanges and gold shops shut their doors in the turmoil that followed.