Myanmar central bank to no longer set forex rates — state media

Myanmar’s central bank will no longer set exchange rates for foreign currencies and will instead allow banks and licensed dealers to set their own rates, state media reported on Wednesday.

The announcement was made in a statement by the Central Bank of Myanmar (CBM) on Tuesday, according to the military-controlled media, which provided no reason for the policy change.

No statement was posted on the CBM’s website early on Wednesday. — Reuters