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Reuters-Inflation-hit Myanmar to is (r)



Subject: Re: Reuters-Inflation-hit Myanmar to issue 1,000 kyat note

Re: Reuters-Inflation-hit Myanmar to issue 1,000 kyat note
==========================================================
 ....

>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 100 pyas.

 ...

Comments:
=========
This is not the way to solve or fight the inflation problem in Burma. 
Obviously, this is the only way they (SPDC/SLORC)know how. When would 
they ever learn? I just wonder.

Just look at what has happened in Indonesia on this so callled "Black 
Friday" when people are made to suffer beyond a certain limit.  

Given the present situations in Burma and the way the SPDC is handling 
the situations, we have nothing but to hope that history does not repeat 
itself.

Minn Kyaw Minn
==============


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>Subject: Reuters-Inflation-hit Myanmar to issue 1,000 kyat note
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>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
>100 pyas.
>
>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.
>
>
>
>


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