Myanmar floats currency exchange rate

Yangon: The Central Bank of Myanmar on Monday set a new exchange rate for its currency kyat. It has set 818 kyat per US dollar.[caption id="attachment_263793" align="alignleft" width="380" caption="Myanmar's Kyat. Reuters"][/caption]The new rate is a major step forward for the government, which is moving fast to align its economic system with international standards.The bank published the rate on its website, along with cross rates for other currencies. The kyat's unofficial rate had jumped to 1,000 per dollar in 2009, as the foreign money flowed into the country's energy sector, the Mizzima News reported.IANS