Myanmar’s central bank kept the daily reference rate for the kyat at 818 per dollar after rejecting all bids at a currency auction today, according to a statement on its website.
The Southeast Asian nation adopted a managed float for its currency yesterday, scrapping a 35-year-old fixed-exchange rate. The nation held elections on April 1 that will pave the way for the end of economic sanctions.
The Central Bank of Myanmar received a total of 14 bids at 805 kyat to 814 kyat per dollar, and the authority purchased $20,000 at the auction at an exchange rate of 818 kyat.
The currency will be allowed to move as much as 0.8 percent either side of the reference rate, a central bank official, who declined to be identified, said yesterday.
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