Myanmar authorities raid money sell (r)

[uneoo@xxxxxxxxxxxxxxxxxxxxxxx]

29-Sep-99

It is certainly a senseless arrest on these traders. The Burmese Kyat is
going to fall anyway in coming year, up to Kyat 420:1 USD, according to
latest EIU  predictions.

Regards, U Ne Oo.

Please visit my CRPP link page

http://www.physics.adelaide.edu.au/~uneoo/crpplink.html

David Arnott wrote:
> 
> [AS Mr PUNCH SAYS: "THAT'S THE WAY TO DO IT!!" -- PERHAPS THE MASTERS OF
> THE IMF AND THE WORLD BANK SHOULD INVITE SOME BURMESE GENERALS TO
> WASHINGTON TO GIVE  A FEW LECTURES -- DA]
> 
> Myanmar authorities raid money sellers as currency falls
> 
> AFP 24 SEPT 1999:   Myanmar authorities have launched a crackdown on money
> traders as the local currency slides to new lows against the US dollar,
> sources said Friday.
> 
> Witnesses said authorities mounted a raid on informal currency traders in
> downtown Yangon as the black market rate rose to 360 kyats to the dollar,
> from about 330 in May.
> 
> The official rate is around six kyats to the greenback.
> 
> The few currency traders prepared to risk another raid were Friday
> exchanging dollars for 363-364 kyats.
> 
> Sources in Yangon said foreign exchange certificates (FECs), a defacto
> currency which foreigners are required to buy at Yangon's international
> airport, are gaining wider use within the military ruled country.
> 
> Yangon requires visitors to change a minimum of 300 US dollars into FECs.
> But tourists and business people have complained that some traders were
> reluctant to accept the certificates or exchanged them at a significantly
> discounted rate.
> 
> However, the 10-12 kyat gap between FECs and the black market value of US
> dollars has narrowed to just a couple of  kyats.
> 
> The source said FECs had become more popular after authorities ruled in
> August that all international phone bills must be paid in dollars or FECs.
> 
> Meanwhile, Myanmar's economic problems appear to be worsening, with the
> usually busy Yangon market of Bogyoke virtually devoid of shoppers.
> 
> "We're mostly sitting down and twiddling our thumbs," said one shop owner
> in the market.
> 
> "This has never happened before."
> 
> The regional crisis has exacerbated problems in Myanmar's economy, which
> labours under international sanctions imposed to punish alleged gross human
> rights abuses and the suppression of the democratic opposition of Nobel
> laureate Aung San Suu Kyi.
> 
> Internet ProLink PC User

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