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Economy

10,000 kyat notes get facelift

YANGON -- Myanmar's central bank has announced it will start issuing a new and improved 10,000 kyat from July 1. 

Myanmar's new ten thousand kyat notes, that will be released on July 1. (Photo courtesy of New Light of Myanmar newspaper)

The bank said the legal tender of ten thousand kyat notes issued on June 15, 2012 would not be affected.  

The bank said the new bill is the same size, design and color as the old one but boasts upgraded security features. It will have a new watermark image and a protective layer of varnish on both sides for prolonged circulation life and forgery prevention. 

The Central Bank of Myanmar went through the same process when it modified the existing 5000 kyat notes issued in 2009 to more durable ones. However, nowadays modified notes are rarely seen in the market.

However, the banknote announcement has ruffled a few feathers.

"CBM should be more transparent and accountable by announcing how and especially by what amount new notes will be issued," a local banker told Nikkei Asian Review.

"At the time Myanmar is facing a budget deficit, such kind of inadequate announcement could affect the economy. Printing too much money could increase inflation and inflate the consumer price index," said a well known businessman who did not want to be named. 

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