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Myanmar to coordinate with IMF in adjusting forex rate

08-01-2011 09:31 BJT

YANGON, July 31 (Xinhua) -- Myanmar will coordinate with the International Monetary Fund (IMF) in adjusting its foreign exchange rate in a bid to stabilize the domestic foreign exchange trading market, a local media reported Sunday.

It was disclosed after a workshop in this regard was held between Myanmar's Federation of Chamber of Commerce and Industry and the Central Bank in Yangon, said the Voice.

The need for the adjustment to facilitate the country's economic and financial links with the international and development of domestic foreign exchange market was stressed by Union Minister of Finance and Revenue U Hla Tun.

When meeting with the Bank Administration Committee and the Bankers' Association in Nay Pyi Taw recently, U Hla Tun disclosed that a payment system development committee of the bankers' association will be formed with local and foreign experts and organizations to update the country's payment system.

Myanmar became a member of IMF and World Bank in 1952, but they suspended providing financial aid to Myanmar since 1987.

Myanmar's foreign exchange rate against U.S. dollar was traditionally designated as around 6 Kyats per U.S. dollar since 1975, while the market exchange rate fluctuated between 780 and 1, 000 Kyats per dollar for the past several years.

In face of the great gap between the official and market exchange rate, experts view that if suitable rate is officially readjusted, it will facilitate the work flow of economic entrepreneurs.

Editor:Wang Xiaomei |Source: Xinhua

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