Myanmar Sets Kyat Reference Rate as It Adopts Managed Float
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Myanmar’s central bank adopted a managed float for its currency, scrapping a 35-year fixed exchange rate, after elections yesterday that will pave the way for the end of economic sanctions.
The central bank set a daily rate of 818 kyat per dollar, near the black-market level that Bank of America Merrill Lynch said last week was about 820, having strengthened from about 1,055 in 2009. Myanmar dissident Aung San Suu Kyi will become a lawmaker for the first time after a victory in by-elections in the Asian nation of 64 million people.