Myanmar Abolishes Dollar Surrogate - IPOT News
Publication: IPOT News
Title: Myanmar Abolishes Dollar Surrogate
Date: 20 March 2013
Author: Kirim Komentar
Excerpt: "Sean Turnell, a Myanmar economic expert at Australia's Macquarie University, said the announcement could be a new test of public confidence in the government's handling of the economy.
"In the past movements like this have caused panics, but perhaps there is greater trust in monetary arrangements now," he said, adding that those holding FECs would rush to convert them to dollars.
"Given the rise of the kyat, and depending on when they bought the FECs, many FEC holders might experience a considerable capital loss in kyat terms," Turnell said."
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