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