Myanmar's central bank set a reference exchange rate of 818 kyat per dollar on Monday, the first business day under a managed float currency regime that is the most dramatic economic reform yet by a one-year-old civilian government. For 35 years, the kyat was pegged to the International Monetary Fund's special drawing rights at 6.4 kyat per dollar. But a parallel market has existed, with a recent rate in a range of 800 to 820 kyat. The parallel rate has been used for most everyday transactions. The Central Bank of Myanmar (CBM) gave the new rate on its website, along with indicative cross rates for other currencies. ... (full story)