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Currency float with IMF help

world Updated: Apr 03, 2012 00:00 IST

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Myanmar on Monday began a managed flotation of its currency, overhauling its complex exchange rate system.

The central bank set a reference rate of 818 kyat to the dollar.

The move brings the official currency rate in line with its value on the black market of about 800 to the greenback.

The move is part of burgeoning reforms to modernise an economy left in disarray by decades of military rule and isolation.