Myanmar will overhaul its complex exchange rate system to allow a managed flotation of its currency from April 1 as part of the new government's economic reforms, state media announced on Wednesday.
'The external value of the national currency, the Myanmar kyat, will from now on be determined by supply and demand conditions in the exchange market,' according to an announcement in state mouthpiece The New Light of Myanmar, adding that the central bank would manage the unit's movement.
Myanmar has a highly complex exchange rate regime, with official, semi-official and unofficial rates.
The official government rate - which is widely ignored - is fixed at around just six kyat per dollar, while in stark contrast the rate on the black market stands at about 800 per dollar.
REF: Straitstimes.com
