Jun 9, 2012

Myanmar's 10,000-Kyat Banknote Goes Into Circulation On June 15

The Central Bank of Myanmar announced Thursday 10,000 Kyats notes will go into circulation beginning June 15 while keeping all other existing notes and coins as legal tender, Xinhua news agency reported.

The new 10,000 Kyat banknote is another larger-value denomination of currencies to be introduced nearly three years after 5,000-Kyat notes were put into circulation on Oct. 1, 2009.

The bank's move is seen to facilitate high-value transactions.

However, the introduction of the new banknotes is expected to draw public concern and impact on the financial market and commodity prices remain to be monitored.