Sad Decline

Burmese Currency

  • 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, GBNF) by 25 members of the RIT Automobile Club.

Decline in the value of the Kyat

Between 1962 and 1988, 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

Notes

  • In 2021, Myanmar was hit hard by Covid-19 and a senseless “Failed Coup”.
  • They resulted in a sharp decline of Economy, Education, Heath and Social Services.

Categories: Uncategorized

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