Reuters - Video

EDITION: U.S. | U.K. | IN

Finance Videos

Myanmar's Kyat begins managed float

Tuesday, April 03, 2012 - 01:59

April 4 - Myanmar manage-floats its currency, the Kyat, in the most dramatic economic reform undertaken so far by the one-year-old civilian government. Arnold Gay reports.

▲ Hide Transcript

View Transcript

It took effect Monday, largely overshadowed by the excitement over Myanmar's historic elections. But analysts say the managed float of Myanmar's currency, the Kyat, is the most dramatic economic reform undertaken so far by the one-year-old civilian government. Myanmar's central bank (CBM) set the reference exchange rate at 818 kyat per dollar, scrapping the old fixed exchange rate that's been in place for 35 years. The managed float aims to unify multiple exchange rates used in the country and weaken black market rates that have hurt exports. The central bank has given little information on the new system, but financial consultant U Bo, says the float should help Myanmar's businesses. (SOUNDBITE) (Burmese) FINANCIAL CONSULTANT, U BO, SAYING: "Floating the currency seems to be a good idea, because my understanding is the international community is doing the same, to do business. American businessman Patrick Doig says the new rate will open many doors for the long-isolated country. (SOUNDBITE) (English) AMERICAN BUSINESSMAN, PATRICK DOIG, SAYING: "It will be interesting to see what happens over the next little while, because that will, I think, reflect what sort of confidence the international markets have in Myanmar and the economy here; and I think it's going to be a very positive step for Myanmar, one of the first steps along the road to becoming a more open economy and reconnecting with the rest of the world and that's very exciting." According to the CBM, 11 private and three state-run banks are participating in daily auctions, with eight other private banks possibly taking part later. No international banks operate in Myanmar, but further economic reforms and the expected easing of western sanctions are expected to stimulate more international currency flows, and encourage foreign banks to open local offices. Arnold Gay, Reuters.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Myanmar's Kyat begins managed float

Tuesday, April 03, 2012 - 01:59

Top News »

Investing 201 »

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

The better bond funds The better bond funds

Wed, Aug 07, 2013 - (2:40)

Best bargain in 40 years? European stocks Best bargain in 40 years? European stocks

Thu, Aug 01, 2013 - (2:24)

Invest like an activist Invest like an activist

Fri, Jul 26, 2013 - (2:49)

Money Clip »

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

“Stalking” your dream home - Money Clip “Stalking” your dream home - Money Clip

Wed, Mar 27, 2013 - (2:50)

3 hidden tax deductions - Money Clip 3 hidden tax deductions - Money Clip

Thu, Mar 21, 2013 - (1:33)

Moving Pictures »

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Thu, Jul 03, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)