Myanmar will introduce 10000 kyat that will start come into circulation on 15 June 2012. The release of the new currency has been announce by Central Bank of Myanmar on Thursday. The new Myanmar banknote is part of Myanmar economic reform and is seen to facilitate high value transaction. All other 11 banknotes that are in circulation right now will still be legal tender. The introduction of the new banknote will draw public concern, its impact on financial market and commodity prices will be monitored. 5,000 Kyat, current highest denomination for Kyat has been introduced in 2009.
On April 2012, Central Bank of Myanmar has released official Reference Foreign Exchange Rates as of 2 April 2012 in their website. The reference exchange rate of the kyat for account transactions against the U.S. dollar is based on the auctions conducted by the Central Bank of Myanmar and authorized domestic dealer banks. On 8 June 2012, the price of Kyat is 841K to 1USD. The new banknote will be valued at $USD12. You can read more about the new Myanmar Kyat value here; Myanmar Kyat RV.
On 1 October 2011, 11 private banks in Myanmar have been permitted as authorized dealers by the Central Bank of Myanmar to trade three foreign hard currencies; US dollar, Euro and Singapore dollar. The service will facilitate exporters, importers, companies, organizations hotels, travels and tours companies, airlines and individuals in dealing with their balance of foreign currencies purchasing and selling by account transfer. On 1 February 2012, Myanmar government has eased foreign currency exchange control, allowing exchange of up to 10,000 U.S. dollars with Myanmar kyats without any documentation. The new rules aimed to get rid of the black market exchange, apply to both Myanmar citizens and foreigners.
