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Myanmar authorities raid money sell (r)



Subject: Myanmar authorities raid money sellers as currency falls (AFP)

[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. 



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