Rangoon, Burma (BBN)- The Central Bank of Myanmar (CBM), the country’s central bank is going to implement a floating currency exchange rate from Sunday aiming to integrate its economy with other nations’ currency.
The foreign exchange rate will be published daily by the Central Bank, the New Light of Myanmar, a state-run newspaper, reported.
A team lead by the International Monetary Fund (IMF) is now at work helping Burma, officially known as Myanmar, modernize its financial structure.
“Reforming the complex exchange rate system is a priority to eliminate constraints on economic growth,” the IMF earlier said, adding that the exchange rate unification is expected to improve fiscal revenues.
Replacing the official exchange rate, which has been pegged since 1977 at the level of 8.5 kyats is the first step toward unifying various currency exchange rates and for allowing room for the Central Bank to influence the market exchange rate, according to reports.
BBN/SSR/AD-29Mar12-9:30 am (BST)
