Bloomberg View: Toward a More Open Myanmar

There’s no denying the symbolic power of the April 1 parliamentary election wins by “The Lady,” as Aung San Suu Kyi is known in Myanmar. After boycotting 2010’s elections, the National League for Democracy appears to have won 43 out of 45 seats in parliamentary by-elections, a strong affirmation of its political appeal and Suu Kyi’s leadership.

Yet the government’s recent decisions on economic policy are arguably more promising. The April 1 implementation of a managed float for Myanmar’s kyat, and the elimination of a more than 100-to-1 discrepancy between the official and black market exchange rates, will help Myanmar’s manufacturing and agricultural sectors and make it harder for corrupt officials to hide illicit gains. A planned law on foreign investment promises to give investors the right to lease land, repatriate profits, and import skilled workers, as well as allow foreign banks the right to operate in country.