Today's Major Market Move: Myanmarese Kyat is Devalued by Over 13000%

No the zero key on this computer did not get stuck in the down position. Myanmar officials decided a little over a week ago to bring the official exchange rate in line with the unofficial rate. This meant that the USDMMK cross went from 6.45 to 822 overnight, an increase of over 13000%.

Click here to go to the live chart.

Although the chart makes this move appear sudden, the unofficial rate had been hovering close to 1000 Kyat per US Dollar for several years now, so it's doubtful any Myanmarese were taken by surprise. Even with this change, the Kyat is not being left to the whims of the free market. The currency will only be allowed to float within a prescribed window, in a manner similar to how the Chinese Yuan is currently managed.