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Burmese Currency-A Chronology of Ev
Subject: Burmese Currency-A Chronology of Events(62-97)
Dear friends,
The Burmese currency , the Kyat had plunged nearly 30 percent
since the beginning of the month. Economisits have speculared
that the kyat is plummeting because of meanger exports by state-
owned enterprises , such as timber ,beans and pulses. When the
stats-owend enterprises export don't meet government expections,
foreign currency reserves fall. To by up dollars, the government
has been printing more Kyat.
The friends of Burma and intested person probably want to know
how about the Burmse currency while this issue is in headlines.
So that Documentation and Research Centre ,ABSDF tried to show
" Burmese Currency - A Chronology of Events ". Our chronology
may not complete, Please fulfil the rest of facts. WELCOME !
ALL BURMA STUDENTS'DEMOCRATIC FRONT
Date, July 23 , 1997
Burmese Currency - A Chronology of Events
( 1962 March - 1997 July )
Sep 30, 1962 There were 1138.5 million Kyats worth of bank notes and 55.7
million kyats worth of coins in circulation.
( Report on Finance, Economic and Social Situation- 1995/96 fiscal year.
Ministry of National Planning and Economic Development, Rangoon 1996.
Hereafter referred to as Report on 1995/96 situation ).
Feb 23, 1963 All public, foreign and domestic banks
were nationalized. (Bum, D.I. Steinberg)
Apr 01, 1963 Interests on loans for agricultural projects were reduced from
12% to 9 % per year by the Agricultural Bank. (Bum, D.I. Steinberg)
Apr 17, 1963 A provision of 700 million kyats in agricultural credit was
announced - a major increase over previous government credit programs. (Bum,
D.I. Steinberg)
May 17, 1964 The demonetization of all fifty and one hundred-kyat notes was
announced under Law No.7. There were 1.2 billion kyats worth of these notes
in circulation. (Bum, D.I. Steinberg)
May 21, 1964 The Information Department of the Revolutionary Council
issued the notification that said anyone who refused to use the 20,10,5,1
kyats notes would be prosecuted as these were legal notes. ( U Than Pe
Myint, 1962-67 Historical Records. Rangoon.Yomasapae. 1968. P-141.
Hereafter referred to as 62-67 Records. )
Apr 20, 1965 In order No.48, the Revolutionary Council, stated that the
new bank notes would be issued in order to prevent the counterfeiting . (
62-67 Records . P - 179 )
Apr 26, 1965 The Central Bank of the Union of Burma declared issuing of
new bank notes on April 30, 1965. ( 62-67 Records. P- 181 )
Sep 30, 1965 There were 1860.3 million Kyats worth of bank notes and 77.5
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Jun 09, 1966 The Central Bank of the Union of Burma issued an announce-
ment that started the exchange rate of Kyat
to India Rupee. ( 62-67 Records. P- 218 )
Sep 12, 1966 The Finance and Revenue Department announced issuing of new
coins. ( 62-67 Records. P- 225 )
Oct 17, 1966 The Finance Department, the Revolutionary Council announced
that Burma had resigned from the Pound sterling monetary field. ( The period
of change in Burmese politics. 1962-74. Vol .2. Historical Research
Department of Universities. 1993. P- 92. Here- after referred to as The
period of change 62-74. )
Nov 20, 1967 The Union of Burma Bank announced the new exchange rate of
Kyat to Pound sterling. ( 62-67 Records. P- 255 )
Nov 25, 1969 Burma received a standby credit of US $ 12 million from the
International Monetary Fund ( IMF )
Dec 15, 1971 The Kyat was devalued vis-a-vis the SDR after coordination
with the International Monetary Funds (IMF).
( The period of change 62-74. P- 94 )
Nov 14, 1972 It was declared the salary of public service personnel would
fixed at a new rate ,according to which
the highest salary was fifteen times higher than the lowest one . ( The
period of changing 62-74. Vol 3. P- 22 )
Sep 30, 1973 There were 3068.0 million Kyats worth of bank notes and 89.0
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
--------, 1973 The Kyat was devalued vis-a-vis the SDR for the second time
after coordination with the International Monetary Funds (IMF). ( The
period of changing 62-74. Vol 3. P- 94 )
Sep 30, 1974 There were 3438.9 million Kyats worth of Bank notes and 138
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Mar 31, 1975 There were 4344.7 million Kyats worth of Bank notes and 157.7
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Apr 01, 1975 The Interest rate on savings was raised from 3.5 % to 6 %.
Oct 15, 1975 15, 28 October: The Pyithu Hluttaw session voted to
decentralize the banking system, Union of Burma Bank, Myanmar Economic Bank
and Myanmar Insurance Corporation were set up. ( BUM, D.I. Steinberg )
Mar 31, 1976 There were 4808.4 million Kyats worth of Bank notes and 189.3
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Jul 05, 1996 An increase of 40 % on the cost of living allowance was
granted to low-income civil servants, the first raise since the 10 %
increase in 1972. A bonus system for workers fulfilling their quota was
started. ( BUM, D.I. Steinberg )
Mar 31, 1977 There were 4930.9 million Kyats worth of Bank notes and 211.2
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
May 05, 1977 The IMF announced a standby agreement for Us $ 40 million.
Negotiation began on the Arakanese refugee problem.The Kyat was devalued
vis-a-vis the SDR by 10 %. ( 8.51 Kyats = 1 SDR ). ( BUM, D.I. Steinberg )
Nov 14, 1977 A 2 % increase in the bank interest rate was enacted raising
to 8 %. ( BUM, D.I. Steinberg )
Mar 31, 1978 There were 5562.7 million Kyats worth of Bank notes and 214.5
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Mar 31, 1979 There were 6399.5 million Kyats worth of Bank notes and 219.2
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Mar 31, 1980 There were 7105.0 million Kyats worth of Bank notes and 223.0
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
May 24, 1980 Japan provided a Yen 291 million grant.
( BUM, D.I. Steinberg )
Mar 31, 1981 There were 8488.9 million Kyats worth of Bank notes and 234.6
million Kyats worth of coins in circulation.
( Report on 95/96 situation)
May 30,1981 The Economic Cordination Committee of the Council of Ministers
held its meet. In 1980-81, 201.7 million baskets ( 46 lb. each ) were
purchased by the government against a target of 180 million. Exports for the
same period were valued at 3175.2 million Kyats. ( BUM, D.I. Steinberg )
Mar 31, 1982 There were 8953.7 million Kyats worth of Bank notes and 246.8
million Kyats worth of coins in circulation. ( Report on 95/96 situation )
Mar 31, 1983 There were 9873.2 million Kyats worth of Bank notes and 260.4
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Mar 31, 1984 There were 11403.9 million Kyats worth of Bank notes and 247.7
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Mar 31, 1985 There were 12744.7 million Kyats worth of Bank notes and 292.4
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Mar 31, 1986 There were 14370.8 million Kyats worth of Bank notes and 313.1
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Mar 31, 1987 There were 7751.5 million Kyats worth of Bank notes and 334.9
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Sep 05, 1987 In the Order signed by Sein Lwin, the Secretary of the State
Council, the Kyats 25, 35 and 75 bank notes were demonetized without
compensation wiping out 80 % of the country's money in circulation.
Sep 22, 1987 The Central Bank issued new kinds of bank notes, 45 Kyat and
90 Kyat.( Annual Burmese Encyclopedia - 1988 )
Dec 11, 1987 The UNGA ( United Nations General Assembly ), approved LDC
status for Burma. IMF figures show that Burma's foreign exchange reserves
had fallen to US D$28 million. ( Outrage, Bertil Lintner )
Mar 31, 1988 There were 11749.9 million Kyats worth of Bank notes and 367.7
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Aug 25, 1988 At night, armed soldiers removed Kyat 600 million from the
Myanmar Foreign Trade Bank in Rangoon. All troops stationed in the capital
were given six months' pay in advance.
( Outrage, Bertil Lintner )
Aug 31, 1988 West Germany halted its Dm 65 million per year aid program to
show its disapproval of the killing in Rangoon. ( Outrage, Bertil Lintner )
Sep 19, 1988 The Slorc having assumed power on 18 September, issued the
Order No. 3/88 as a Law that said the government would stop giving the
financial assistance to BSPP.
Oct 17, 1988 Banks in Rangoon reopened after having
been closed since August. ( Outrage, Bertil Lintner )
Nov 04, 1988 Britain froze its aid to Burma.
Nov 30, 1988 Slorc promulgated Law No. 10/88, the Foreign Investment Law.
Jan 13, 1989 Japan formally suspended all aid to Burma and the last two
outstanding grants totalling Yen 927 million ( US $ 7.3 million )
Mar 03, 1989 Order No.14 was issued, according to which the public service
personnel would be allowed the new salary effective April 1, 1989. (
Encyclopedia- 1990 )
Mar 31, 1989 -There were 18475.6 million Kyats worth of Bank notes and
381.9 million Kyats worth of coins in circulation. ( Report on 95/96 situation )
-Slorc issued Law No. 9/89, the state economic enterprise law. According
to this Order , Government departments, the Government corporations and
other Government organizations could establish limited enterprises and
others enterprises.
Jan 05, 1990 The Slorc sold a 9300 Square-meter tract of land in the
northern part of the Embassy ground in Japan to Tokyo Real Estate Agency for
Yen 34.247 billion. It was an amount several times that of Burma's foreign
currency reserve. ( Daily Yomiuri, Japan )
Feb 19, 1990 On 19 February, 1990, the Ministry of Trade announced the
Order No. 7/90, the formation of The Union of Myanmar Economic Holdings
Limited, invested Kyats 10 billion. Shareholders were the Directorate of
Procurement of the Defense Ministry, Defense Service personnel,
regimental institutes and War veterans ( retired servicemen ). the company
would form subsidiary and affiliate companies to run businesses
and investments both at home and abroad. ( New light of Myanmar 20/2/90 )
Mar 01, 1990 The Central Bank issued the new 1 Kyat notes. ( Encyclopedia-
1991 )
Mar 31, 1990 There were 27118.4 million Kyats worth of Bank notes and 392.0
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
July 02, 1990 Slorc issued Law No. 15/90, The Central Bank Law.
July 04, 1990 Slorc issued Law No. 16/90, the monetary funds associations
Law. The Law indicated those associations could be formed as State owned,
State and Privately owned, or Privately owned associations with the
permission of the Central Bank.
July 06, 1990 Slorc issued Law No. 17/90, The Myanmar Agriculture and
Rural Development Law.
Mar 31, 1991 There were 36701.1 million Kyats worth of Bank notes and 397.7
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
Aug 19, 1991 Brig- Gen Abel denied rumours that it would demonetize 200
Kyat and 90 Kyat bank notes. ( Encyclopedia- 1992 )
Sep 30, 1991 The Ministry of Trade issued Order No. 21/91 that stated the
formation the Cooperative Bank Limited.
( Encyclopedia- 1992 )
Feb 28, 1992 Materials to produce counterfeit 90 Kyat bank notes, including
films, plates and printing ink were seized, Myanmar News Agency (MNA) said.
( Encyclopedia- 1993 )
Mar 31, 1992 There were 51796.0 million Kyats worth of Bank notes and 402.0
million Kyats worth of coins in circulation. ( Report on 95/96 situation )
Jun 11, 1992 Slorc enacted the Order 5/92, the Savings Bank Law. That Order
withdrew
(a) The Government Savings Bank Act, 1873 and
(b) The Savings Certificates Act, 1947.
June, 1992 The first private bank, the jointly-owned Myanmar Oriental
Bank was opened.
July, 1992 The Central Bank raised the interest rate, on bank savings from
8% to 10 % and on savings certificates from 10.9 % to 12 %. (" Time Kyo Pyi
Pyu, 91-95" )
Aug, 1992 Slorc granted permission to open representative office as a
first foreign bank to Thai Military bank. ( New Light of Myanmar- 18/5/95 )
Oct, 1992 A real private bank, the First Private bank Ltd. was opened.
Feb 12, 1993 Slorc issued 1 dollar FECs and 5 dollar FECs ( Foreign
Exchange Certificate)of equivalent value to the US dollar. ( NLM 26/4/96 )
Mar 26, 1993 Increased the salary within a range of 25 % to 33 1/3 % of
public service personnel. ( NLM 27/3/93 )
Mar 31, 1993 There were 65457.5 million Kyats worth of Bank notes and 405.9
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
July 23, 1993 Slorc enacted the Law No. 10/93, The Myanmar Insurance Law.
Dec 01, 1993 The Central bank sold three-year or five-year Treasury
Bonds,worth ten thousand and hundred thousand kyats each.
Jan 10, 1994 From 1988, Slorc had increased the number of bank notes by 53
% printing year by year. ( FEER )
Mar 03, 1994 The Central Bank issued new kinds of bank notes- 500 Kyat,
100 Kyat, 50 Kyat and 50 Pya. ( Encyclopedia- 1995 )
Mar 31, 1994 There were 80821.9 million Kyats worth of Bank notes and 418.3
million Kyats worth of coins in circulation.
( Report on 95/96 situation )
April, 1994 UNDP provided US $ 25.5 million for a Human Development
Initiative Program 94-95.
Jun 09, 1994 The Myanmar May Flower Bank was opened at
June 9, 1994.
Nov 16, 1994 -The Finance and Revenue Ministry issued the Order No. 145/94,
stating that anyone who earned foreign currency by selling goods or
serving, would be charged in foreign currency for the trade tax.
-The Finance and Revenue Ministry issued Order No. 146/94, stating that
anyone who earned income in foreign currency, would be charged in foreign
currency for income tax.
Dec 29, 1994 Slorc issued Law No. 9/94, the Law Amending the Political
Pension Law. If a political pensioner dies, the rest of family can get the
3/4 of the pension allowance.
Mar 13, 1995 Bank notes worth 50 Kyat were issued again with the new
watermark.
Mar 22, 1995 Japan provided Burma with a grant worth one billion yen to
promote food production. ( NLM 23/3/95; BP 950318 )
Mar 31, 1995 There were 110508.4 million Kyats worth of Bank notes and
357.6 million Kyats worth of coins in circulation. ( Report on 95/96 situation )
Apr 18, 1995 FEC worth 52.04 million units had been exchanged up to March
31/3/95. ( FEC 1 Unit = 1 US D ).
( NLM 19/4/95 )
Apr 20, 1995 Counterfeit 500 kyat bank notes worth 109.95 million Kyats
were seized from three Thai men at Rangoon Airport. ( NLM )
Apr 22, 1995 5 Kyat and 10 Kyat bank notes were issued on May 1. These were
not added tothe circulation, only replacing old notes so there would be no
increase in the amount of circulation, said Slorc. ( AFP )
May 5, 1995 Slorc issued Law No. 6/95, The Law Amending the Central bank
Law. the Law substituted the words " to be imprisoned for a minimum 10 years
to maximum life-imprisonment" for the words " to be imprisoned for a minimum
of 5 years to maximum 10 years".
Nov, 1995 For the first time in Burma, the May Flower Bank ststed using ATM.
Dec, 1995 A notification was issued allowing the opening of foreign
jointly-owned banks in Burma.
Mar, 1996 The State and Diawa Institute of the Research Company of Japan
established a jointly Company to sell and buy stocks and share
certificates and letters of credit.
Mar 31, 1996 Within the fiscal year of 95/96 , the state-owned sector spent
1414 million kyats on economic development including investments of 444
million kyats in state-owned enterprise. (Report on 95/96 situation)
Apr 01, 1996 -The Central Bank increased the saving certificates interest
from 12 % to 15 %. ( NLM )
-The stats servicemen Bank was opened. State Service Personnel and
retired servicemen were granted loan at an amount of 10 times their salary
from that bank. ( NLM 25/3/96 )
May 1, 1996 Slorc issued new FECs worth 20 US D.
( NLM 26/4/96 )
June, 1996 -The exchange rate on the measurement of taxation and trading
enterprise tax was changed from 6 kyats to 100 Kyats per dollar.
-For the opening of FEC bank accounts, the charging of 10 % of amount
for the bank service was stopped.
Jun 24, 1996 Slorc's Law No.6/96, the Myanmar Insurance Law was issued.
July, 1996 Defense appeared to be one of the Burma's fastest- growing
sectors of Burma's economy. Low education levels among landless rural
farmers were probably hindering their transformation into the State
industrial sector. The Slorc's economy data were erroneous because of the
difference in the exchange rate and the absence of the amount of arms
inport, according to a US Embassy, Rangoon report. ( US Embassy, Rangoon
Country Commercial, July 1996 ).
Aug 03, 1996 " The Report on the process of the Burmese economy" was
nonsense and the Slorc's data were exactly shown, said Brig-Gen Abel. ( NLM
960804 )
Sep 08, 1996 20 Domestic Private Banks and 31 Foreign Banks representative
office were established. 43 Foreign Banks already had permission to open
representative offices.
( NLM 8/9/96 )
Sep 09, 1996 The Private Bank increased the saving interest from 12 % to 14 %.
Dec 31, 1996 There were 176865 million Kyats worth of bank notes in
circulation. ( Central Statistical Organization- 1997 Jan- Feb )
Jan 13, 1997 Slorc issued Law No. 2/97, a Law Amending the Central Bank
Law. Foreign currency or related letters or certificates could be sold and
bought and not to against regulations, said the Law.
( Mirror 14/1/97 )
Jan 31, 1997 There were 183117 million Kyats worth of bank notes
incirculation. ( Central Statistical Organization- 1997 Jan- Feb )
Feb 14, 1997 In a meeting of Central Bank Chairmen , Bangkok, the Chairman
of Myanmar Central Bank, U Kyi Aye said Burma could manage have the only
one rate of foreign currency exchange in 1998.
Apr 09, 1997 MBF Bank Ltd. of Tonga was opened in Rangoon.( NLM 10/4/97 )
Apr 22, 1997 US Government officials said the President agreed to economic
sanctions on Slorc for its human rights abuses.
May 20, 1997 US certified economic sanctions on Burma, declared with the
signed into effect by Clinton.
Jun 16, 1997 The Slorc implemented new measures that capped the amount of
FECs that would be transferred abroad at
US $ 50,000, a bank official said. ( Reuter )
Jul 08, 1997 The Kyat had seen several sudden depreciations over the past
18 months. The Kyat was officially valued at the rate of approximately six
to the US dollar at market rates. ( Asia Time )
Jul 09, 1997 The Kyat has fallen nearly 14 % over the past ten days
against FEC, which were worth 1 US $. ( Reuter )
Jul 14, 1997 Slorc has denied rumours it would void 200 Kyat and 500 Kyat
notes because of counterfeiting as the value of the currency plummeted to a
record 260 Kyats to the dollar.
( AP )
Jul 17, 1997 Burmese authorities have raided gold merchants and illegal
money- changers accused of hoarding gold bars and hard currency as the Kyat
fell and inflation spiraled. All gold shops and officially licensed money-
changers closed shop and the exchange rate plunged to a record 300 Kyats to
the dollar while the official exchange rate was still six Kyats to the dollar.
( AFP )
Jul 17, 1997 Lt- Gen Khin Nyunt denied rumours the government was planning
to seized hard currency deposits in banks or withdraw 200 and 500 Kyats
notes and replace them with 1000 Kyat note. ( AFP )
July 23, 1997 Today Burmese economic situation as a menber of ASEAN
is-Fiscal deficit 25,914 million Kyats for 1994/95 fiscal year, 49,635
million Kyats for 1995/96 FY, 54,470 million Kyats for 1996/97 FY. Legal
Trade Balance (deficit) 2,927.1 million Kyats for 1994/95 FY, 5,284.4
million kyats for 1995/96 FY, 5,577.2 million Kyats for 1996/97 FY.( Data
from Ministry of National Planning and Economic Development)
Documentation and Research Centre
All Burma Students' Democratic Front
Date: July 23 , 1997
/End of Report/tpbc/07/23/97 10:35:14 AM/