CBM Press Conference: CBM makes explanation on “Twenty-Thousand-Kyat” Banknote

The Central Bank of Myanmar [CBM] held a press conference on the 25th of July 2023 regarding the “twenty-thousand-kyat” banknote to be issued on the 31st of July 2023.

In this press conference, the director general U Win Myint from the bank said that the Central Bank of Myanmar will issue the “twenty-thousand-kyat” banknote starting from 31 July 2023 in commemoration of the completion of the Maravijaya Buddha Image, which was built to show the brightness of the Theravada Buddhism firmly shining in Myanmar, for Myanmar to be a focal point of Theravada Buddhism and to bring peace to the country and the world, and in celebration of the one-year birthday of a white elephant, “Rattha Nandaka,” born on 23 July 2022.

The new banknote will be issued in a limited number and will be distributed only by exchange of the same value with various types of old banknotes that should not be appropriate for circulation. Old banknotes will be exchanged for “equal value” at the Central Bank of Myanmar in Nay Pyi Taw, the Yangon branch, and the Mandalay branch.One person can get only three K20,000 notes.

Current valid currency notes and changes will continue to stand as official currency. Countries across the world also issue commemorative notes and coins. The new “twenty-thousand-kyat” banknote will be issued in a limited number, so, there will be no inflation.

The director general added that CBM focuses on monetary policies and framework to calculate and hold the specified Reserve Requirement Ratio in the financial system to reduce and curb inflation and contribute to the country’s Gross Domestic Product growth target.