Myanmar's central bank to no longer set forex rates

2023-12-06t124233z_1_lynxmpejb50

YANGON (Reuters): Myanmar's central bank will no longer set exchange rates for foreign currencies and will allow banks and dealers to decide rates themselves, according to state media, in a rare easing of some of its tight forex controls.

With Myanmar's economy in tatters after a 2021 coup and foreign reserves under pressure, authorities have imposed a slew of measures to suppress demand for foreign currencies, while cracking down on blackmarket trading and revoking more than 140 money changer licenses this year.