Currency boards impose certain constraints on the ability of governments to conduct discretionary economic policies. The advantages they bring in establishing confidence in the currency, however, outweighs such considerations in countries whose greater need is the establishment of the sound foundations of a market economy... displayed 300 characters
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Forty years of inept economic management under military-rule has reduced a once relatively prosperous economy, the ubiquitous 'rice bowl of Asia', into a country that qualifies as 'least developed' by the World Bank. Extreme poverty, endemic corruption, rampant inflation, negligible foreign exchange reserves, large monetised budget deficits, foreign debt arrears and a currency that barely qualifies as a means of exchange - are all features of Burma's economy and symptoms of a country in broader socio-political distress... displayed 300 characters
