Economy The junta took steps in the early 1990s to liberalize the economy after decades of failure under the "Burmese Way to Socialism", but those efforts have since stalled and some of the liberalization measures have been rescinded. Myanmar has been unable to achieve monetary or fiscal stability, resulting in an economy that suffers from serious macroeconomic imbalances - including inflation and multiple official exchange rates that overvalue the Burmese kyat. In addition, most overseas development assistance ceased after the junta began to suppress the democracy movement in 1988 and subsequently ignored the results of the 1990 legislative elections. Economic sanctions against Myanmar by the United States - including a ban on imports of Myamese products and a ban on provision of financial services by US persons in response to the government of Myanmar’s attack in May 2003 on Aung San Suu Kyi and her convoy - further slowed the inflow of foreign exchange. Currency - kyat The kyat (currency code MMK) is the official currency of Myanmar. Although the official exchange rate is set around 7 kyats to one USD, the street rate can go as high as 1000 kyats (900 kyats as of Feb, 2005). Main Sporting Events and Achievement in Olympics The popular sport is Soccer. In 1968, Myanmar’s soccer team finished second behind Iran in the Asian Cup championship. The 2004 Summer Olympics was the twelfth time that the nation had competed in the Olympiad. Myanmar has yet to win an Olympic medal. Culture The culture of Myanmar is a mixture of centuries of Chinese, Indian, and Thai influences. This is reflected in its language, cuisine, and music. The arts have historically been influenced by Theravada Buddhism, as well as literature. Buddhism has a great influence on daily life of the Myanmar who preserves the traditions of close family ties, respect for the elders and devotion to Buddhist teachings. Myanmar People are known for their generosity, simple hospitality and with a blend of serenity And friendliness. Bagan and Mandalay are the seats of Myanmar culture. However, in modern times, the culture of Myanmar has increasingly become westernized; this is most apparent in urban areas. Many, both women and men wear a sarong called longyi.