Trapped FX cash is over in China!
May 16, 2014
Myanmar: the central bank’s critical role
The central bank will have to work hard to maintain the currency band.
On April 2 the resource-rich Myanmar embarked on a very bold move to open up its insular and dysfunctional banking system by floating the kyat. For 35 years it had been pegged to the International Monetary Fund’s special drawing rights at 6.4 kyat to the US dollar but now it is set at a reference rate of 818 kyat, roughly in line with where it trades in the black market.
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