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Burma to Introduce New 10,000-kyat Banknote

8 June 2012

Burma’s central bank announced on Thursday that it will issue a 10,000-kyat banknote next week. State television broadcast a brief statement from the bank announcing the June 15 release of the new note, worth about $12. The current highest denomination bank note, 5,000 kyat, was introduced in 2009. The immediate effect of the new note should be practical, because Burma is largely a cash economy due to its underdeveloped financial system. Currency is a sensitive subject in Burma, where demonetization of some notes in 1987 sparked protests that turned into a nationwide uprising the following year.—AP