Myanmar currency trade turns to online groups on Facebook amid crisis

Myanmar banknotes are seen during an illegal exchange inside a house in Yangon, Myanmar, September 24, 2021. Picture taken September 24, 2021. REUTERS/Stringer

(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 https://www.reuters.com/world/asia-pacific/myanmars-junta-powerless-currency-drops-60-four-weeks-economy-tanks-2021-09-29 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.