Myanmar devalues their currency to black market rates.

In a public state Myanmar officials stated that Myanmar’s central bank plans to set the official exchange rate for the Kyat (their local currency) at close to its black market level, another positive sign as the nation pushes ahead with economic reforms.

The change from 6.4 to 800 Kyat to the US Dollar might seem like a colossal slide in value, but in the open market the exchange has been 820 Kyat per US dollar. Now Myanmar’s government institutions and state owned enterprises can use the new official rate which are more inline with global market values.

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