(Mizzima) – The new currency exchange rate in Burma is 818 kyat per U.S. dollar, as set by the Burmese central bank on Monday, the first business day under a new managed float currency regime.
The setting of the rate according to international currency market fluctuations is a major step forward for the government, which is moving fast to align its economic system with international standards.
Previously, the kyat had been fixed at around 6.4 per dollar although a parallel black market exists, with a recent rate in a range of 800 to 820 kyat. That rate was used for most everyday transactions.
The Central Bank of Myanmar (CBM) published the rate on its website, along with cross rates for other currencies.
The kyat's unofficial rate had jumped from more than 1,000 per dollar in 2009 as foreign money has flowed into the energy and resource sectors.