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Kyat Float Due on Monday

1 April 2012

Burma will launch a new currency regime on Monday that will bring in a managed float of the kyat, reports Reuters news agency. The move is seen as the boldest economic reforms yet as the quasi-civilian government opens up the nation after years of isolation. The Central Bank of Myanmar has published little so far about the new system. It has announced that the currency regime would change from April 1, which is the start of a new fiscal year but also a Sunday, when commercial banks are closed.