Unfunny money Burma is still predominantly a cash economy, largely due to the lack of ATMs. In a misguided attempt to fight rampant black marketeering, the Myanmar government has an unfortunate habit of declaring notes to be worthless: this happened for the first time on May 15, 1964, when the 50 and 100 kyat notes were demonetized. On November 3, 1985, the 20, 50 and 100 kyat notes were demonetized again and replaced with new kyat notes in the unusual denominations of 25, 35 and 75, possibly chosen because of dictator Ne Win's predilection for numerology; the 75-kyat note was introduced on his 75th birthday. Only two years later, on September 5, 1987, the government once again demonetized the 25, 35 and 75 kyat notes with no prior warning, rendering some 75% of the country's currency worthless. A new series of 15, 45 and 90-kyat notes was issued, incorporating Ne Win's favorite number 9. The resulting economic disturbances led to serious riots and eventually the 1989 coup by General Saw Maung, The post-coup notes come in more normal denominations from 1 to 1000 kyat, and this time the old ones remain legal tender... so far. |