Myanmar begins managed currency float in April

Myanmar will begin a managed float of its currency from April 1, the central bank said Wednesday, its first public statement on moves to reform a multi-layered exchange rate regime seen as one of the biggest barriers to developing the economy The central bank statement, tucked away at the bottom of page eight of the official New Light of Myanmar newspaper, said the external value of the kyat would henceforth be determined by supply and demand conditions in the exchange market, confirming an earlier story. Reference rate The Central Bank of Myanmar said it would publish a reference exchange rate each day, setting the new system in the context of the government's efforts to modernise the economy. It has been previously reported that moves towards a unified currency system would start next month, with the exchange rate of the kyat initially set near the present black market rate which is already used for most transactions.