Many people in Myanmar are turning to online groups to bypass official channels to trade currencies, according to a Reuters report.

The kyat sank to new lows after the central bank gave up on attempts to prop it up resulting in many licensed money exchanges and gold shops closing. The 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.

One of the biggest of the groups set up on Facebook called "Dollar Buyer Seller Direct" had about 170,000 members. The group appears to have been taken down in recent days, though at least one other site has emerged to fill its place, the report said.