Arab Today, arab today myanmar starts new currency regime
Last Updated : GMT 06:18:52
Arab Today, arab today
Arab Today, arab today

Myanmar starts new currency regime

Arab Today, arab today

Arab Today, arab today Myanmar starts new currency regime

Yangon - AFP

Myanmar on Monday began a managed flotation of its currency, overhauling its complex exchange rate system in the new government\'s most radical economic reform yet. The central bank set a reference rate of 818 kyat to the US 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. The move is part of burgeoning reforms to modernise an economy left in disarray by decades of military rule and isolation. Announcing the move last week, the central bank said the managed floating exchange rate would allow market forces to determine the value of the kyat while leaving room for it to influence the unit\'s value. Analysts said the simplified currency regime would help facilitate trade and investment as Myanmar gradually opens up. \"Establishing a transparent and unified exchange rate is a first, but vital step in building confidence in the kyat, and hence the economy,\" Vishnu Varathan, an analyst at Mizuho Corporate Bank in Singapore, said in a report. \"This helps provide comfort on the stability of returns on investments as well as offer some degree of principle protection.\" Following the end of almost half a century of military rule last year, the country formerly known as Burma now has a nominally civilian government whose ranks are filled with ex-generals. The new regime has surprised even its critics with a series of reforms, and the currency revamp is its first major move to modernise an economy weakened by decades of mismanagement and international sanctions. Experts saw the previous multiple-rate system as a way for the regime to funnel revenues from natural gas sales into secret accounts by recording payments at the previous official rate of just six kyat per dollar and then exchanging them at the much higher informal rate. \"A consistent and market-based kyat will help boost governance as public finances will be more transparent,\" said Varathan. \"This will also go a long way in bolstering the country\'s balance sheet, thereby shoring up credit standing, and consequently boost investor confidence.\" At the invitation of the new government, a team of experts from the International Monetary Fund visited Myanmar in October to offer advice on reforming the forex market and unifying its multiple rates. The unusual request by a regime that regards international institutions with suspicion was seen an indication of the gravity of the currency market disarray and a tentative sign it is warming to modern economic reforms. IMF deputy managing director Naoyuki Shinohara told reporters in Bangkok last week that the Washington-based institution was helping Myanmar to build a strong financial system.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today myanmar starts new currency regime Arab Today, arab today myanmar starts new currency regime

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday