Myanmar to allow exchanging of worn notes
28 07, 2009 07:55 Category: East and Southeast Asia
According to a 27 July 2009 article in The New Light of Myanmar, the official English-language newspaper of the Asian country formerly known as Burma, old banknotes “can be exchanged for new ones provided that the note is in specified condition at notes changing counter of Central Bank of Myanmar at No (198/ 199) at the corner of Bo Sun Pak Street and Strand Road and respective branches of Myanma Economic Bank. Arrangements have been made for exchange of old notes for new ones, ranging from K 10 to K 200 notes.”
This is a rather curious announcement as most central banks cull worn notes from circulation as a matter of course. It does not appear that Myanmar is introducing new designs, even though its note family is overdue for a change; Interpol recommends central banks modify security features every seven years or so. The last time Myanmar changed its notes was in 2004, when the 500- and 1,000-kyat notes were reduced in size. All other denominations have remained unchanged since the mid-1990s.
This is a rather curious announcement as most central banks cull worn notes from circulation as a matter of course. It does not appear that Myanmar is introducing new designs, even though its note family is overdue for a change; Interpol recommends central banks modify security features every seven years or so. The last time Myanmar changed its notes was in 2004, when the 500- and 1,000-kyat notes were reduced in size. All other denominations have remained unchanged since the mid-1990s.
