Uprising. Background Economic problems Before the crisis, Burma had been ruled by the repressive and isolated regime of General Ne Win since 1962. The country had a national debt of $3.5 billion and currency reserves of between $20 million and $35 million, with debt service ratios standing at half of the national budget. 1985 and 1987 demonetisation crises In the years leading up to the crisis, General Ne Win had imposed two instances of sudden currency demonetisation that declared certain circulated denominations of currency invalid. These instances led to instantaneous loss of savings for many Burmese citizens and economic instability. On 3 November 1985, the Burmese government declared notes of 20, 50, and 100 kyats invalid, without prior warning to the public. Prior to this, circulated denominations were of 1, 5, 10, 20, 50, and 100 kyats. The stated reason for the demonetisation was to combat black market activity. The public was given only a short period of time to exchange their 20, 50, and 100 kyat bills, and only 25% of the value of surrendered bills were reimbursed. On 10 November 1985, a week after the initial announcement of demonetisation, new denominations of 25, 35, and 75 kyat bills were announced, with the 75 kyat denomination chosen to commemorate Ne Win's 75th birthday. In November 1985, students gathered and boycotted the government's decision to withdraw Burmese local currency notes. Economic problems coupled with counter-insurgency required continuous involvement in the international market. On 5 September 1987, Ne Win announced the demonetisation of the 25, 35, and 75 kyat notes, leaving only the 1, 5, and 10 kyat bills valid. This announcement was also with no prior warning, and this time no exchange for valid tender was allowed. Roughly 60–80% of circulated legal tender was declared invalid without warning, and millions of Burmese citizens had their savings eliminated by this action. On 22 September 1987, the Burmese government introduced new denominations of 45 and 90 kyat notes. The 45 and 90 kyat denominations were chosen because the two numbers are divisible by 9, which was considered lucky by Ne Win. Students in particular were angry at the 1987 demonetisation as savings for tuition fees were wiped out instantly. Students from the Rangoon Institute of Technology (RIT) rioted throughout Rangoon, smashing windows and traffic lights down Insein Road, and universities in Rangoon temporarily closed. The government later allowed for reimbursement of up