The Union Bank of Burma issued Burmese Currency notes backed by Gold Reserves.
The bills were signed by authorities (e.g. Sithu U Kaung, U San Lin).
One US dollar traded at 5 – 6 kyats, and one Sterling pound around 12 – 13 kyats.
Old Receipt from 1979
The Old Receipt (for 146 Kyats and 50 Pyas) is a testament of the purchasing power in the 70s.
It was for a farewell dinner for Saya U Myo Win (M/Ag65) by 25 members of the RIT Automobile Club.
Decline in the value of the Kyat
Three rounds of Demonetization, mismanagement, … saw a huge decline in the value of the Kyat.
Snap shots of the exchange rate :
- 1 Kyat = 4 (or more) Bahts (Early days)
- 1 Kyat = 1 Baht (Baht Taik Kyat Taik Khit)
- 4 (or more Kyats) = 1 Baht
In Lighter Vein
Four (or so) decades ago, a Palmist friend told me that I would own 10 Lakhs. The top prize for the “Aung Bar Lay” Lottery was 1 Lakh. A professor’s monthly salary was K1300. A lecturer earned 800 – 1200 kyats.
A few years back, my friend had to pay 10 Lakhs for a visit to a hospital in Yangon.
Another friend had to pay 800+ Lakhs to a hospital in Singapore. Luckily, he had inherited a fortune from his parents.