In one of the biggest economic reforms that Burma has seen, the central bank has set the reference exchange rate for its currency.
It set a rate of 818 kyat against the US dollar on Monday, the first business day since the currency was floated.
The previous official exchange rate was 6.4 kyat.
Prior to being floated, the kyat had an official as well as a black market rate, which analysts said deterred firms from investing in Burma.
"Foreign investors can have now have a certainty about the security of their investments in the country," Tony Nash, managing director of IHS Global told the BBC.
Source & Image : BBC
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