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Kyat-Dollar Rate in Rangoon Market (r)



Subject: Re: Kyat-Dollar Rate in Rangoon Market

At 01:18 PM 7/14/97, you wrote:
>Subject: Re: Kyat-Dollar Rate in Rangoon Market
>
>It was 300 Kyats for a US Dollar on Sunday (7/13) rate.
>The info I just posted as follows is outdated. Sorry.
>
>>It was Kyat 260 for a dollar last day. 
>>Please update posting of the current rate whenever you know about that.
>
To readers,

Burmese currency for a US$ was 300 kyats  on the morning of July 14.It was
270 / 280 in the afternoon and market was closed at 295 per US$ .Acoording
to the merchants that there was two speculations for this rise.
(1) Slorc is buying US$ to show their foreign currency deposit  as a
condition to be officially admitted into Asean.At the same time , Generals
are buying US$ in the market.One source indicated that Slorc only accept US$
even not FEC,for purchasing during the last Jewellery Trade Show. 
(2)>Slorc will withold 200 and 500 kyats note.
There is a possibility of the effects of defacto devaluation of Bahts and
Pesos.Because of rapid fall of the price of Burmese currency,merchants are
sufferring too much and withhold the trade.Shops were closed
yesterday.Peoples are terrifying about inevitable increase in the price of
basic products.


ABSDF