Myanmar NotesBurma Comments
Banknotes in Myanmar | Central Bank of Myanmar
In accordance with section 8(a) of the Law of the Federal Reserve of Myanmar, the Federal Reserve of Myanmar is the only issuing body of banknotes or other coin. In its capacity as EMEA, the Federal Reserve of Myanmar formulates and executes the country's fiscal policies with the objective of preserving the value of Myanmar's single currency and promoting effective payment systems.
Myanmar was one of India's states before it achieved British sovereignty. Back then, the money was Myanmar's repo. A first list of the 1946 Monetary and Coin Act provided for an issuance of 1,5,10,100 gold notes and a second list for the Board to issuance of 20 and 50 gold notes.
Notes should bear a Pfauen water mark and be certified by the CEO. With the number of Burma Currency Board banknotes increasing, it was agreed to dismantle the Indian banknotes labeled "Legal Tender in Burma Only" from 1 July 1948. On July 20, 1950, all units were put into issue.
In 1952, with the adoption of the Union Bank of Burma Act, the exclusive monetary law was passed by the Burma Foreign Exchange Board to a new monetary department of the Union Bank of Burma with effect from July 1, 1952. Burma Foreign Exchange Board was liquidated and its assets and debts assigned to the Union Bank of Burma.
A further important modification in the new language is the changeover to a decentralized system. They were made in Ni; names of , 1,2,4 and 8 pe and all had the Chinthe (lion) on the front, with date on the back and date on the crescent. However,, 1.2 pe mints were dismantled on November 1, 1953.
In addition, the name of the British monetary units was altered to KYATA and in 1952 it was decimalised into 100 pya. At the time the monetary units were modified, one KYATA was equal to 100 pya. The Union of Burma took over the functions of the Federal Reserve and on July 1, 1952, a symbolic issuance of banknotes was made.
The new banknotes had the denomination of rupiah (1,5,10,100 rupiah), which was later linked to Kyoto. This second edition was issued in 1958, all with a portraits of Aung San in an umbrella beanie. 1,5,10 and 100 kyats were established on February 12, 1958 (Union Day) and 20 and 50 kyats on August 21.
It was the first edition of 20 and 50 notes for Burma. Royal Coin denominations consist of 1,5,10,10,25,50pyas and 1yat. But the Burmese lion or chinthe stay. The 20 Cyat grade of 1958 and 1964 was demonstrated on November 3, 1985.
Until the banknotes were taken out of circulation, they should be lawful means of payment. The Volksbank was re-named Union of Burma Bank on September 30, 1972 and 25 Kyat were allotted. The denomination of all former Union Bank of Burma banknotes remained lawful at the date of issuance of the 25 kyat notes.
On 30 December 1972, new 1-Kyat notes were put into currency alongside People's Bank 1-Kyat, and on 30 June 1973, the 10-Kyat notes were denominated. On 31 October 1973, the 5-Kyat banknote was published to be circulated alongside the 5-Kyat notes of People's Bank and Union Bank. The Union of Burma Bank delivered and put into operation 100 Kyoto notes on 17 April 1976, 50 Kyoto notes on 30 April 1979, 75 Kyoto notes on 11 November 1985 and 35 Kyoto notes on 1 August 1986.
In addition, on 22 September 1987, the Union of Burma Bank gave a 45 kyat and a 90 kyat mark. The 1952 100 Kieats bill was dismantled on 17 May 1964. A hundred Kyat's from 1976 and 50 Kyat's from 1975 were dismantled on November 3, 1985. Kyat's 25, 35 and 75 notes were also taken out of service on 5 September 1987.
In 1979 an F.A.O. (United Nations Food and Agriculture Organization) 50 pya, as well as 50 Kyat's grade was published. The two F.A.O. medals are said to have been struck in the security printing house. When the State Laws and Order Restoration Council took over in 1988, the Central Bank of Myanmar released the Lion range and the Aung San range was progressively overhauled.
The denominations are 1,5,10,20,50,100,200,500 and 1000 koats notes and 1,5,10,50 and 100 koats sauces. As of October 1, 2009, the Central Bank of Myanmar released new 5,000k yat notes for easy use. The 1k yat tokens are gold coloured, the 5 and 10k yat tokens are gold coloured and the 50 and 100kyat tokens are silvery.
New banknotes worth 10,000 Kyat will be released to the general public from 15 June 2012. Counterfeited banknotes can only be found in high denomination such as one thousand Kyat, five hundred Kyat and two hundred Kyat. A fake touch has a slightly smooth finish than a real one, and there is no safety string or water mark.
It is easy for the general population to differentiate between real and forged banknotes if they are closely examined. However, the amount of counterfeited banknotes is very small in comparison to the amount of cash in transit and therefore there is no big issue of counterfeiting in Myanmar.