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AFP-Myanmar to issue new banknotes

Myanmar to issue new banknotes

Wed 18 Nov 98 - 15:23 GMT

YANGON, Nov 18 (AFP) - Myanmar is to issue 1,000 kyat banknotes next week,
which will become the highest denomination in circulation, state television
reported Wednesday.

The new notes are to be issued to the public on November 25 by the country's
central bank, TV Myanmar said.

The highest denomination is currently 500 kyat, but the currency has been
rapidly devalued on the black market as Asia's economic crisis spills over
into Myanmar.

The official exchange rate remains unchanged at six kyat to the US dollar,
but the currency was changing hands on the black market Wednesday for 362 to
the greenback.

)AFP 1998