YANGON, April 2 Myanmar's central bank said it
set a reference exchange rate of 818 kyat per dollar
on Monday, the first business day under a managed float currency
regime that is the most dramatic economic reform yet by a
one-year-old civilian government.
Until now the kyat has been fixed at around 6.4 per
dollar although a parallel market exists, with a recent rate in
a range of 800 to 820 kyat. That rate has been used for most
The Central Bank of Myanmar (CBM) gave the rate on its
website, along with indicative cross rates for other currencies.
It has given little information about the new system but
commercial bankers have said the reference rate would be set
after an auction for dollars involving up to 14 private and
The government used a rate of 800 baht per dollar for the
state budget for the fiscal year that began on April 1.
The kyat's unofficial rate has jumped from more than 1,000
per dollar in 2009 as foreign money has flowed into the energy
and resource sectors.