" BUrma Raid"

[south@xxxxxxxxxxxxxxxxxx]

Reply-To: south@xxxxxxxxxxxxxxxxxx (SAFHR KATHMANDU)

The Rising Nepal, Kathmandu, July 17, 1997

"Burma Raid"

Rangoon(AFP)
Burmese authorities have raides gold merchants and illegal money-changers
accused of hoarding gold bars and hard currency as the Kyat fell and
inflation sprialled, officials said Wednesday.

The police raids is central Rangoon prompted even officially licensed
money-changers to closed shop on Tuesday, eyewitnesses reported.
Virtually all gold shop closed down.

Large amounts of the local currency have been off-loaded in recent weeks
against gold and hard currency, particularly US dollars, sending the open
markets exchange rate plunging to a record 300 Kyats  to the US dollar.

The official exchange rate is still around six Kyats to the dollars.