- 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
- 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.