Myanmar's foreign exchange market reform has a long way to go

[DagonKhan]

Myanmar's foreign exchange market reform has a long way to go In April 2012, by abolishing the official pegging of the Myanmar kyat to the Special Drawing Right (SDR) of the IMF, Myanmar terminated the decades-old de facto multiple exchange rate system and moved to a managed floating exchange system. While noteworthy in its own right, this is merely the first step in an arduous journey of foreign exchange market reform. The Central Bank of Myanmar is now facing two interlinked challenges: establishing the institutions for a formal foreign exchange market and transferring informal market activities into the formal market.

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