Kyat falling against Baht

Kyat falling against Baht 

The Burmese currency has dropped significantly yesterday in Tachilek-Maesai due to rumors of imminent demonitization by Rangoon, said sources in Chiangrai. 

Before yesterday a hundred kyat could buy 8.40 baht, they said, but now it could buy only 8. "The grapevine is that another round of demonitization is in the offing," one said. 

The last demonitization 14 years ago sparked demonstrations that finally blew into the 1988 uprising. 

At the beginning of the year, it was a hundred kyat to ten baht. 

"There are so many people trying to withdraw their money that the local banks like Mayflower are running out of hard cash," said another.