Bloomberg News

Myanmar’s Kyat Fixing Unchanged After Bids Rejected at Auction

April 03, 2012

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.

To contact the reporter on this story: Lilian Karunungan in Singapore at lkarunungan@bloomberg.net

To contact the editors responsible for this story: Sandy Hendry at shendry@bloomberg.net; Tony Jordan at tjordan3@bloomberg.net.


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