Myanmar lets kyat float

Central bank also reduces requisition of foreign currency as war goes badly for junta

Central Bank of Myanmar
Central Bank of Myanmar
Photo: Bjoertvedt/Wikimedia Commons

The Central Bank of Myanmar (CBM) announced on December 5 that it had deregulated exchange rates in the country, according to a statement in an official newspaper.

The Global New Light of Myanmar, citing a central bank statement, reported on December 6 that the CBM “will no longer set the exchange rates for foreign currencies, but the buyers and sellers can set exchange rates by themselves depending on the market trends”. 

The same newspaper reported the kyat depreciated on unofficial markets

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