Abstract: "This paper argues that a currency board will provide a newly-democratic Burma with the stable monetary system it will need after decades of currency debasement under military rule. An old idea that has successfully re-emerged in recent years in a number of countries, currency boards are relatively simple and transparent institutions that can provide stability, predictability and credibility to an emerging economy?s monetary institutions. 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."