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Markets

Myanmar starts new currency regime

Published Updated

YANGON: Myanmar's central bank on Monday began a managed flotation of its currency, the kyat, as part of an overhaul of its complex exchange rate system.

The central bank set a reference rate of 818 kyat to the dollar, according to an announcement on its website. The move brings the official currency rate in line with its value on the black market of about 800 to the greenback.

Copyright AFP (Agence France-Presse), 2012

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