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Central Bank Confirms Kyat Float

29 March 2012

Burma’s central bank said on Wednesday that it will go ahead with plans to float the national currency, the kyat, from April 1, in its first public statement on moves to reform the country’s exchange rate regime. The announcement was made at the bottom of page eight of the state-run New Light of Myanmar newspaper. The bank said it would publish a reference exchange rate each day. A senior government energy official said Burma was moving to a unified exchange rate in place of the official and black market rates that co-exist now.

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