Myanmar’s military junta has conjured up a crazy currency system
Desperate for cash, the Tatmadaw is distorting foreign-exchange markets
The foreign-exchange market is a devilishly difficult place to turn a profit. Massive and closely watched, edges are impossible to maintain. Most FX traders lose money. So Banyan was impressed to encounter one Myanmar-based punter who, with just a few years’ experience, has managed to produce 22% returns trading the volatile, illiquid kyat, the local currency. Or, rather, he would be impressed—were this upstart trading against counterparties who had any say in the matter.
Explore more
This article appeared in the Asia section of the print edition under the headline “Picking up pennies”
From the October 19th 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Asia
Can Donald Trump maintain Joe Biden’s network of Asian alliances?
Discipline and creativity will help, but so will China’s actions
What North Korea gains by sending troops to fight for Russia
Resources, technology, experience and a blood-soaked IOU
Is Arkadag the world’s greatest football team?
What could possibly explain the success of a club founded by Turkmenistan’s dictator
After the president’s arrest, what next for South Korea?
Some 3,000 police breached his compound. The country is dangerously divided
India’s Faustian pact with Russia is strengthening
The gamble behind $17bn of fresh deals with the Kremlin on oil and arms
AUKUS enters its fifth year. How is the pact faring?
It has weathered two big political changes. What about Donald Trump’s return?