Central bank sets exchange rate of 1,460 kyats to 1 U.S. dollar


A general view of Yangon. Photo: Ye Aung Thu/AFP

A general view of Yangon. Photo: Ye Aung Thu/AFP

The central bank of Myanmar has announced removing the trading band of +/- 0.8 percent on exchange of Myanmar Kyat against the U.S. dollar to control market fluctuation in wake of continuous kyat depreciation, Xinhua reported.

Issued on late Monday, the bank's notification applies to the banks holding authorized dealer license – (A.D) and money changer license (M.C).

The central bank set the exchange rate to 1,460 kyats versus 1 U.S. dollar on Tuesday, the report said.

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