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[def;ekdif (rEWav;)
15 2 2000
Mizzima <mizzima@xxxxxxxxxxxxxxx> wrote:
In Burma, Fuel crisis deepens and Kyat continues to sink
Rangoon, May 16, 2001
Mizzima News Group (www.mizzima.com)
With the petrol and diesel prices jumping up for about 50% in the last few months and the country?s foreign currency reserve crumbled with the beleaguered Kyat currency, many businesses in Burma have been depressing. In the capital Rangoon, the price of a gallon of petrol is at present 900 Kyat and diesel is 950 Kyat in black market while the same was around 600 Kyats last month.
The people continue to face the fuel shortage despite the fact that government has been subsidizing petrol and diesel two gallons per day per vehicle with Kyat 180 and Kyat 160 for a gallon of petrol and diesel respectively. There are also reports that the government will ration only a gallon a day by the end of this month.
Due to the continuing fuel crisis, major export businesses of the country have been badly affected. As electricity in Burma is an all-time failure, many businesses like garment business have to depend on diesel for continued existence.
The prices of gold, cars and other imported items have also risen along with the inflation. ?I sold a Supersloon with 44 lakhs Kyats yesterday. I would get only 35 lakhs if I sold it last month? a car dealer said. The shortage of hard currency in the hands of government has stopped the flow of importing new cars into the country.
Taxi drivers on the streets are also affected. ?I have to raise the taxi rate because the petrol?s prize is increasingly higher. But the passengers do not want to give the rate I ask? said a taxi driver in Rangoon. ?I have to buy the petrol from black market with high price. But I don?t get a full gallon? he complained.
Meanwhile, Burmese Kyat currency continues to tumble down to a new all time low of Kyat 850 to US one dollar today. It was 390 to the dollar in August last year. A cup of tea in Rangoon is 50 Kyats while it was 25 Kyats three months ago.
---------------------------------
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<P> <BR> <BR> [def;ekdif (rEWav;)<BR> 15 2 2000<BR><BR></P>
<P> <BR>
<P> <B><I>Mizzima <mizzima@xxxxxxxxxxxxxxx></I></B> wrote: <BR>
<BLOCKQUOTE style="BORDER-LEFT: #1010ff solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px"><!doctype html public "-//w3c//dtd html 4.0 transitional//en"><HTML><BR>
<CENTER><FONT color=#3333ff><FONT size=+1>In Burma, Fuel crisis deepens and Kyat continues to sink</FONT></FONT></CENTER><BR>
<P><I><FONT color=#ff0000>Rangoon, May 16, 2001</FONT></I> <BR><I><FONT color=#ff0000>Mizzima News Group (<A href="http://www.mizzima.com/";>www.mizzima.com</A>)</FONT></I> <BR>
<P>With the petrol and diesel prices jumping up for about 50% in the last few months and the country?s foreign currency reserve crumbled with the beleaguered Kyat currency, many businesses in Burma have been depressing. In the capital Rangoon, the price of a gallon of petrol is at present 900 Kyat and diesel is 950 Kyat in black market while the same was around 600 Kyats last month. <BR>
<P>The people continue to face the fuel shortage despite the fact that government has been subsidizing petrol and diesel two gallons per day per vehicle with Kyat 180 and Kyat 160 for a gallon of petrol and diesel respectively. There are also reports that the government will ration only a gallon a day by the end of this month. <BR>
<P>Due to the continuing fuel crisis, major export businesses of the country have been badly affected. As electricity in Burma is an all-time failure, many businesses like garment business have to depend on diesel for continued existence. <BR>
<P>The prices of gold, cars and other imported items have also risen along with the inflation. ?I sold a Supersloon with 44 lakhs Kyats yesterday. I would get only 35 lakhs if I sold it last month? a car dealer said. The shortage of hard currency in the hands of government has stopped the flow of importing new cars into the country. <BR>
<P>Taxi drivers on the streets are also affected. ?I have to raise the taxi rate because the petrol?s prize is increasingly higher. But the passengers do not want to give the rate I ask? said a taxi driver in Rangoon. ?I have to buy the petrol from black market with high price. But I don?t get a full gallon? he complained. <BR>
<P>Meanwhile, Burmese Kyat currency continues to tumble down to a new all time low of Kyat 850 to US one dollar today. It was 390 to the dollar in August last year. A cup of tea in Rangoon is 50 Kyats while it was 25 Kyats three months ago. <BR>
<P> </P></BLOCKQUOTE><p><br><hr size=1><b>Do You Yahoo!?</b><br>
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