Myanmar to float kyat, unify forex rates

[atlantis]

Myanmar to hold trial FX auctions before April float: source
Chicago Tribune - ‎56 minutes ago‎

YANGON (Reuters) - Myanmar's government plans to hold trial foreign exchange auctions in March before floating the currency from April 1, the start of the 2012/13 fiscal year, a central bank official said on Monday. The float would mark the most.


Myanmar to float kyat, unify forex rates
Volume 31, No. 618
March 12 - 18, 2012

YANGON – Myanmar will begin a managed float of its currency in the fiscal year from April and develop an interbank money market, according to Central Bank of Myanmar documents obtained by Reuters, ending a fixed-rate currency system that has stifled investment and fuelled a black market.

The plan for Myanmar’s boldest economic reform yet was laid out by central bank deputy governor Maung Maung Win in documents seen by Reuters on March 6 that said preparations to unify the dual exchange rate should be made by the end of this month.

That would be followed over the next 12 months by a managed currency float of the kyat and the introduction of an interbank currency market, which would allow authorities to intervene and influence the rate.

From 2013-14 onwards, Myanmar would aim to “entirely eliminate” the “informal” currency market, the documents said.

 

[atlantis]

Myanmar to hold trial FX auctions before April float: source
Aung Hla Tun
Reuters
7:07 a.m. CDT, March 12, 2012

YANGON (Reuters) - Myanmar's government plans to hold trial foreign exchange auctions in March before floating the currency from April 1, the start of the 2012/13 fiscal year, a central bank official said on Monday.

The float would mark the most substantial economic reform yet by Myanmar's new government and coincides with political reforms that are ending half a century of isolation in the former British colony also known as Burma.

"Arrangements are under way to float the kyat against the U.S. dollar effective April 1 through a sealed auction system," the official told Reuters, declining to be named.

"It's a managed float system. Every day the central bank will invite sealed bids for a certain amount of U.S. dollars from 11 private banks, which have been granted Authorized Dealer Licenses," the official said.

The trials had been suggested by the International Monetary Fund, which is advising Myanmar's one-year-old civilian government on unifying its various exchange rates, the official added.

A central bank presentation seen by Reuters on March 6 had outlined the plans for a managed float in the fiscal year starting in April, but it stopped short of identifying when the kyat would be floated.

The official said the government had calculated the national budget for the year from April 1 using an exchange rate of 800 kyat per dollar, which is around where the black market rate has been in recent weeks.

 

[AuraSuccess_88]

berita baeek untuk pengumpul kyat))

 

[rozaidi]

berita baeek untuk pengumpul kyat))

Hehe, makin cerah

 

[atlantis]

april kyat float. aku terperanjat bila baca news ni.
gigil2 tgn aku buka thread paid

 

[fsqtrading68]

april kyat float. aku terperanjat bila baca news ni.
gigil2 tgn aku buka thread paid

berita baik ni....

 

[silvermaddness]

dlm thread kyat dah ada bincang pasal new2s ni TT...tp bagus gak bukak thread baru..abam aura lemayan la....berguni kyat dok ada tu...haha

 

[silvermaddness]

berita baeek untuk pengumpul kyat))

hg punya 7b tu mai sikit kat ceq... :">:">

 

[atlantis]

menjelang april. jantung kencang. tak lena tidur. hilang selera makan.

sila tambah...)

 

[fsqtrading68]

mmg confirm ke bulan 4 ni? bape rate dia tt?