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Reuters-Inflation-hit Myanmar to is
- Subject: Reuters-Inflation-hit Myanmar to is
- From: tinkyi@xxxxxxx
- Date: Wed, 18 Nov 1998 10:02:00
Subject: Reuters-Inflation-hit Myanmar to issue 1,000 kyat note
Inflation-hit Myanmar to issue 1,000 kyat note
07:32 a.m. Nov 18, 1998 Eastern
YANGON, Nov 18 (Reuters) - Myanmar's military government, battling galloping
inflation, said on Wednesday that it would put 1,000 kyat banknotes into
circulation from November 25.
The country's state television, in making the announcement, gave no reason
for the new issue.
The government has put the country's annual inflation rate at around 20
percent, but independent analysts have said it exceeds 50 percent, depending
on the basket of goods used to measure price increases.
Myanmar already has kyat banknotes in denominations of 500, 200, 90, 50, 45,
20, 15, 10, five and one. There is also a 50 pya note. One kyat comprises
The official kyat exchange rate is about 6.35 to the dollar but the currency
trades at semi-government-controlled exchange centres at between 250 and 300
to the dollar and on the black market at about 340 to the U.S. currency.
When the government levies taxes on imported goods it calculates the kyat at
100 to the dollar.
The kyat has hit lows of around 420 to the dollar in recent months and the
government has resorted to temporary detentions of unauthorised currency
dealers to control the market rate.