Myanmar’s central bank will issue a new banknote worth twice the current highest-density note. According to state media reports on Tuesday, the move could be a response to an increasingly unstable economy since the military took power in 2021.
Myanmar’s central bank did not give a reason for issuing the country’s highest-value 20,000-kyat (about 327 baht) banknotes.
Since the army ousted Aung San Suu Kyi’s elected government, Economic sanctions and sanctions imposed by Western nations It affects both large businesses and the general public. that many people have been affected since the civil war and the spread of COVID-19
The issuance of new, higher denominations is linked to beliefs about the risk of inflation. Although not necessarily related to each other. But older Burmese people are especially sensitive to changes affecting their currency. It recalls the abrupt abolition of banknotes in 1987 under the previous junta junta. which reportedly affects about 80% of the cash flow
The action sparked outrage that led to uprisings in 1988 against military rule. That, although it failed, led to the birth of Suu Kyi’s National League for Democracy party.
A report on MRTV television said the 20,000 kyat banknotes would be issued in limited numbers. since 31 Jul.
According to official media reports, New banknotes can be used by exchanging the worn-out lower-denominated banknotes for the same value. at central bank branches in Naypyitaw, Yangon and Mandalay
The front of the banknote features an image of a white elephant and two bridges symbolizing the infrastructure development on the back. The white elephant is a symbol of good luck in many Southeast Asian cultures.
This new banknote also commemorates the first birthday of a white elephant. and building a large Buddha statue in Naypyitaw.
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2023-07-24 08:03:00
