Myanmar to launch new currency system on Monday

Myanmar will hold the first auction on Monday under a new currency regime that aims to unify its multiple exchange rates, a senior banker said, outlining the country's boldest economic reform yet after years of isolation.

The Central Bank of Myanmar (CBM) has published little so far about the new system. It has announced the new managed float would take effect from April 1, which is a Sunday, when commercial banks are closed.

"April 2 will be the first day of the auction," the banker told Reuters, declining to be named because he was not authorised to speak to the media.

The Central Bank of Myanmar is expected to announce a reference rate for the kyat against the dollar at around 9.30 a.m. on Monday (0300 GMT), the banker said.

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