Myanmar to implement managed floating exchange rate

The Central Bank of Myanmar will implement a managed floating exchange rate regime in the country with effect on April 1, official media reported Wednesday.

Reference foreign exchange rate will be published daily by the central bank, the New Light of Myanmar reported.

As part of the reform program of the government, various exchange rates are to be unified, aimed at gradual elimination of restriction on current international payment and transfer abroad.

Replacing the official exchange rate, which has been pegged since 1977 at the level of 8.5 Kyats to SDR, with a market- determined exchange rate is the first step toward unifying the various exchange rates and also allows room for the central bank to influence the market exchange rate.

xinhua

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