3 Apr 2012

New exchange rate set for currency

11:58 am on 3 April 2012

The central bank of Myanmar has set a new reference exchange rate for its currency.

On the first business day since moving to a managed float, it set a rate of 818 kyat against the US dollar.

The previous official exchange rate was 6.4 kyat.

Prior to being floated, the kyat had an official as well as a black market rate, which analysts said deterred firms from investing there.