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An ATM machine for KBZ bank is opened in downtown Rangoon. The financial system in Burma has collapsed numerous times over the past decades, most notably in 1988 when the currency was devalued overnight. The black market has historically dictated the exchange rate but recent reforms have lead to an official exchange rate finally being launched in April 2012 and discussions with the IMF and World Bank take place as the government desperately tries to entice foreign investment
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BURMA'S SHIFTING SANDS: WHAT LIES BENEATH
An ATM machine for KBZ bank is opened in downtown Rangoon. The financial system in Burma has collapsed numerous times over the past decades, most notably in 1988 when the currency was devalued overnight. The black market has historically dictated the exchange rate but recent reforms have lead to an official exchange rate finally being launched in April 2012 and discussions with the IMF and World Bank take place as the government desperately tries to entice foreign investment