Myanmar Starts New FX System

The troubled Asian state of Myanmar has announced currency reforms as it sets itself for international and domestic trade.

The new government (1 year old) has been keen to implement new reforms in the country, the new system will be under a managed float currency.

The ex-British colony was under military rule for the last 15 years and has hit a major downfall in its economy and international trade. Myanmar is rich in natural resources and has a sizeable amount of HNWI.

The central bank has set the country’s reference exchange rate of 818 kyat per dollar.

The new move will help domestic and international payments and will boost liquidity in the Kyat.

(Photo: flickr)

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