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Burma And Euro Currency - 2003-09-09


In response to new U.S. sanctions which came in to effect from August 28, 2003, the Burmese military government ordered that all foreign exchange accounts and foreign trade must be made in Euros instead of U.S. Dollars.

Mr. Manfred Korber, Director of Communication, European Central Bank, says during an interview that the Bank does not have any objection to the usage of Euro as such by Burma.

He also added that any country is free to use Euro as a reserve currency and for foreign financial transactions and trade. The Bank also does not have any rules to restrict such usage or to be observed by countries for such usage.

According to Mr. Korber, so far none of the euro area member countries has complained about Burma's usage of Euro instead of U.S. Dollars.

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