Myanmar authorities raid money sell (r)

[dawnstar@xxxxxxxxxxxxx]

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

the latest statistics here in paris, (Le Figaro, sept 27 1999, Bourse
section) states Asian experts as saying that the economic slowdown or
"crise" if it comes this winter will not be their fault. We are two
years past the run on the Thai currency, Asian markets are  now
experiencing a 72% high rate of growth; since august 98, the South
Korean market is up 295%, Malaysia up 196%, Thailand up 183%, and
Indonesia up 158%. This Asian sector accounts for some 20 percent of the
world economy and only 5% of its capitalisation. Microsoft in India,
Dell in Taiwan...

The brillant economists of the generals have missed out again, keeping
Burma out of the economic boom. While they go bankrupt, their neighbors
thrive. How embarrassing can it be. These guys got no shame whatsoever.
Talk about evil, they incarnate it!  ds

Dr U Ne Oo wrote:
> 
> 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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> POSTMAIL: Dr U Ne Oo, 18 Shannon Place, Adelaide SA 5000, AUSTRALIA
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