Myanmar to revamp currency

Myanmar to revamp currency

SINGAPORE (AFP): Myanmar is to revamp its beleaguered currency structure, including realigning the official exchange rate to better reflect the market, according to a senior junta minister.

The review would also include the question of whether the kyats should be partially or fully convertible, Brigadier General David Abel told AFP as the currency slumped to new lows against the US dollar.

He was speaking on the sidelines of the Association of 3Southeast Asian Nations (ASEAN) trade ministers meeting here at the weekend.

"We are looking at mechanisms to realign our currency to an acceptable rate," said Abel, a former finance minister. He declined to give a definite time frame for the review.