Myanmar Central Bank will issue its highest denomination banknote as the economy suffers

Myanmar Central Bank will issue its highest denomination banknote as the economy suffers

Author of the article:

Published Jul 23, 2023  •  Last updated 1 hour ago  •  1 minute read

BANGKOK (AP) — The Central Bank of army-ruled Myanmar will issue a new banknote worth twice as much as the current highest denomination, state-run media reported Sunday, in a possible reaction to the economy becoming more unstable since the generals seized power in 2021.

The reason for issuing a higher denomination note of 20,000 kyats (about $9.50) was not explained.

Article content

Since the military ousted the elected government of Aung San Suu Kyi, economic boycotts and sanctions imposed by Western nations have hurt both big businesses and ordinary people, many of whose lives have already been disrupted by civil war and the coronavirus pandemic.

Advertisement 2

This advertisement has not loaded yet, but your article continues below.

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others. Daily content from Financial Times, the world’s leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account. National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

Exclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others. Daily content from Financial Times, the world’s leading global business publication. Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account. National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles, including the New York Times Crossword.

REGISTER TO UNLOCK MORE ARTICLES

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors.

The issuance of new, higher denomination currency is associated in popular belief with a risk of inflation, though there isn’t necessarily a link. Older Myanmar residents are especially sensitive to changes affecting the currency, recalling the sudden demonetization of banknotes in 1987 during an earlier dictatorship, which reportedly affected around 80% of the money in circulation.

The action spurred discontent that contributed to a 1988 uprising against military rule that failed but also led to the birth of the Suu Kyi’s National League for Democracy party.

A report on state-run MRTV television said the 20,000-kyat notes will be issued in a limited number beginning July 31.

The state media reports said the new banknotes would be available only by exchanging damaged lower denomination notes with the same value at branches of the central bank in the capital Naypyitaw and the cities of Yangon and Mandalay.

The notes show an albino elephant on the front and two bridges, a symbol of infrastructure development, on the back. Albino elephants are usually dubbed white elephants, symbols of good luck in several Southeast Asian cultures.

The banknotes commemorate the first birthday of one such elephant and the construction of a giant Buddha statue in Naypyitaw.

Article content

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Financial Post – https://financialpost.com/pmn/business-pmn/myanmar-central-bank-will-issue-its-highest-denomination-banknote-as-the-economy-suffers

Exit mobile version