Myanmar banks rise at kyat floats

Myanmar has officially floated the kyat at 818 kyat to the USD dollar.

The kyat has been operating on dual rate system in the past with the official rate at about 7 kyat to the US dollar and the black market rate at 800 to 820 kyat to the US dollar.

With the success of the Myanmar byelections and the floating to the Myanmar currency, the local Myanmar banks is poised to expect a float of foreign investors.