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Exclusively - Myanmar is planning to fix Myanmar's currency at 820 per USD - Source
It would be a shocking amendment for state bodies and state companies that have used the 6.4 officially agreed rates, the Federal Reserve said. However, wider wave economies are unlikely, as an 800 euro parity is widespread. "We are currently in the bidding and there is a scheme to administer the floating of the money at 820 kyats, plus or minus 2 per cent, to one US dollar," said Aung Kyaw Myo, an officer of Kanbawza Ltd.
Myanmar's most bold and isolated economy has been reformed by Myanmar's Federal Reserve, which was supposed to float around this high in the next few months to standardize the country's double foreign policy. According to a federal reserve officer last weekend, the federal administration calculates its public finances for the year starting April 1 at an 800-k yat to euro.
Monetary change is an important move to end the distortion of the markets created by the two-tier system and to improve openness, as the South East Asia region has seen an influx of international investment following courageous economical and policy changes in recent month. Kyats informal exchange rates, which are used in most trades, leapt from more than 1,000 per US dollars in 2009 as funds from abroad went to the wood, power and precious stone sector.
This has injured many Burmese, from peasants and producers to merchants and workers of overseas companies who are paying in US dolars. As public authorities use the formal course, state revenues are often overestimated. A number of reviewers say it is likely that huge amounts of that cash were kept off the records and silently sneaked out of the land into off-shore banking ledgers of former military police mates.
Last weeks statement was made by a Fed officer that the US Treasury is planning to conduct spot rate sales in March before putting the greenback into circulation on 1 April, the beginning of-2012-13. As of 2013/14, Myanmar would be aiming to "completely eliminate" the "informal" monetary markets, the document states. At the Kuala Lumpur meeting, Rona Rakhit, director of Business Development and Strategic Initiatives of Co-operative Banc Ltd, Myanmar's second biggest investor group, said that 11 of the country's 19 retail bankers are taking part in the bidding proces.
He said the government is hoping to standardize its double currency conversions by the end of April. The Cooperative Bank Ltd was one of four Myanmar domestic bankers to sign a transfer agreement on Tuesday with Malaysia's biggest creditor Maybank to help over 140,000 Myanmar migrants in Malaysia return home their migrants. "Today there are enormous possibilities for companies and investment, and forex is urgently needed to finance the economy," Maybank boss Abdul Wahid Omar said in a address at the meeting.
Yangon, Myanmar's trading capitol, K.K. Hlaing, said he expects little disturbance from the new currency pair, as it is already widespread in Myanmar's commerce. "He said the administration is just formalizing the informal currency parities in expectation of investments.