Here's an article on Burma's dropping of the dollar; I wonder if one
FEC will now equal one Euro?
USC
Burma Favours Euros Over Dollars (From the BBC)
Burma's military government is trying to keep its economy functioning
by using euros rather than dollars.
All government organizations and private businesses have been
instructed to use the euro for importing and exporting goods, the
Associated Press news agency reported.
The document says Japanese yen and Singapore dollars may also be used
if trading partners agree.
The decision comes less than a month after the US imposed economic
sanctions on Burma, and banned remittances to the country.
Previously, most trade was conducted in US dollars, with US banks
clearing money transfers used to finance Burma's international
transactions.
This means the US crackdown has made it practically impossible to
continue trading in dollars.
The US move came in response to the Burmese government's continued
detention of civilian opposition leader, Aung San Suu Kyi.
But critics have said that the sanctions will make life more difficult
for ordinary workers rather than the government elite. |