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UAE Dirham(AED) to Myanmar Kyat(MMK) Exchange Rate Today
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Exclusive: Burma will floate currency in 2012/13, standardise FX prices
This will be followed in the next 12 month by a currency management floating of the currency of Kyoto and the launch of an inter-bank currency exchange rate that would allow the government to take action and affect the price. As of 2013/14, Myanmar would be aiming to "completely eliminate" the "informal" currency markets, the document states.
In March last year, the former army june made way for a nominal civil regime that initiated a great effort of reforms, freed hundred of Zimbabwean detainees, relaxed press control and met with Nobel Peace Prize winner Aung San Suu Kyi, the head of Myanmar's pro-democracy group. One US Dollars purchases just over six Myanmar Kyats.
Kyats informal rate, which is used in most trades, leapt from more than 1,000 per US dollars in 2009 as overseas funds went into the wood, power and precious stone sector. It was not stated in the ECB documentation how high the free rate of interest could be. It is used for public revenues and for the import of some public companies.
Consequently, state revenues are roughly under-estimated, and some reviewers say it is probably huge amounts of this cash that have been kept off the records and silently sneaked out of the land into off-shore banking balances kept by former military cohorts. Monetary reforms are a sensitive issue whose outlook worries many commoners.
In June, U Myint, President Thein Sein's principal advisor on the economy, issued a warning that the currency could destabilise Myanmar and called on the IMF to ask for help. An IMF advisory staff came in November to address the reform of the currency and the unification of interest rate levels. Burma is one of only 17 still having double foreign currency parities, and even the IMF has only three expert ways to standardize them.
"Successfully implementing the reform of the foreign currency system is one of the keys to the economy," said the document, which was part of a keynote speech by the Federal Reserve on 1 March. "Kyats' value is driven by demands and offers from the market," he added.