Myanmar to float currency

YANGON: Myanmar announced an overhaul of its antiquated currency system as part of burgeoning reforms to modernise an economy left in disarray by decades of military rule and isolation.

The impoverished nation would adopt a managed floating exchange rate from April 1, allowing market forces to determine the value of the kyat while leaving room for the central bank to influence its value, state media said. It described the move as the first step toward unifying the nation's various exchange rates.