Myanmar sets managed exchange rate from 1st April
On the first day of trading for its new exchange rate regime, the Myanmar Central Bank has set a reference rate of K 818 per dollar. The official rate, which was largely ignored by the markets stood at K6 per dollar, the street value is around K800 per dollar.
It is interesting, then, that the Central Bank has set the reference rate at K818, accepting the real market value of the Kyat.
The change shows that the government is serious about reforming its financial system and making it more open to international markets.