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Burma to Reduce Size of Currency Notes - 2004-10-03


Burma plans to reduce the size of its banknotes.

State-run media published an announcement from the central bank Friday saying the new, smaller banknotes will be put into circulation this month. Old banknotes will remain valid as they are gradually withdrawn.

Burma's 1,000-kyat notes will be reduced (from 17.7 by 8 centimeters) to (15 by 7 cm -- ) the same size as neighboring Thailand's 100-baht note. Burma's 500-kyat and 200-kyat notes ( -- slightly smaller than the larger-denomination bills -- ) will be re-issued in the same (15x7cm) size.

There will be no change in Burmese currency in six smaller denominations (-- from 1 to 100 kyats).

The central bank did not give a reason for its action, but a report from Rangoon quotes a bank manager as saying banknotes with standardized sizes will be easier to handle.

Information for this report is provided by AP.

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