Christine Lagarde, the managing director of the International Monetary Fund (IMF), said on Saturday that she welcomed Burma’s overhaul of its complex exchange-rate system earlier this month. At a news conference, Lagarde said the IMF has been working “discreetly” with Burmese monetary authorities to help smooth the transition to a managed float of the national currency, the kyat. “It’s a tribute to them that they have made this change… and that they’ve been so successful,” she was quoted by Agence France Presse as saying. The move is expected to facilitate foreign trade and investment.
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