In September 1987, Ne Win voided most denominations of the kyat without warning, causing many people to lose their savings overnight. Students who saved money for tuition fees were particularly affected. The announcement led to riots at several universities. The situation was further exacerbated by the shooting of protesting student Phone Maw in a 12 March 1988 clash with police. On 16 March, Min Ko Naing organized a rally of 3,000 students on the RASU campus in which he spoke about the role of student movements in Burmese history. When the students attempted to march to the Rangoon Institute of Technology, where Phone Maw had been killed, they encountered a barbed wire barricade at Inya Lake and were attacked by riot police, resulting in several deaths and many arrests.