JURIST is reporting on the challenges facing the rule of Law in Myanmar under the military coup that ousted the civilian government led by Aung San Suu Kii in February 2021.
The Central Bank of Myanmar published a statement on Sunday. You can find out more about this by clicking here. The announcement was made by Currency. Following are the main points.
- Due to two factors, the central bank of Myanmar will print 20,000 MMK as new money. One is to mark the finishing of the “Marawisaya” Buddha image which has been built for three objectives: 1) to show the shining of Theravada Buddhism in Myanmar, 2) to be the centre of Theravada Buddhism and 3) to get peace in country and all over the world. The other occasion for currency printing is the 1st year birthday celebration of the white elephant “Ya Hta Nan Daka”
- The currency is printed with a limit and the value of old, unusable currency. Priority must be given to changing the currency in the Central Bank of Nay Pyi Taw’s Yangon Branch, Mandalay Branch, and Mandalay Branch at the same value.
- Currently, legal coins and current wandering currency continue to be used as legal currency. This new paper will become legal on 31st July 2023.
In the announcement the following is described:
The 20,000 kyat has a 15 cm length by 7 cm width and is light green in colour. On the front side, “Central Bank of Myanmar ” caption is situated at the top, the picture of white elephant which is made by Myanmar traditional art is pressed in the middle and the value of currency 20,000 MMK is printed by Myanmar characters. In Myanmar and English, the value is printed at each corner. The number of currency in Myanmar characters is printed horizontally and in English vertically.On the left side of the currency is the water mark of the head of the elephant. On the left and right side of the currency has twelve short lines for each side that is to help the unsighted person.On the back side, the picture of Sagaing Bridge and Ayeyarwady Bridge (Yandanarbon), at the top “CENTRAL BANK OF MYANMAR”caption, at the bottom “TWENTY THOUSAND” caption are printed. The value of the currency is also printed in Myanmar and English at the three corners, just like the front. When you view the currency from different angles, you will see the change of colour of the security string. It is hidden vertically.
It is important to note that the word “you” means “you”. The announcement was made by The Central Bank highlights a number of religious events, as the primary reason for the printing of this new 20000 MK cash. This is obvious. However, this is not the real reason behind this action taken by the State Administrative Council. It is the SAC that is having a difficult time controlling the currency inflation in the nation. Looking at the SAC’s religious nationalism being the headline of such an important announcement for the nation, it reflects SAC’s attempt to rule the country without its people’s will. Myanmar has a diverse population of ethnicities and religions, which is why it is always on the road to federal democracy. Despite the SAC claiming itself to be the “official government of the Republic of the Union of Myanmar”, the SAC fails to represent the nation because uplifting one religion (Buddhism) should not be the official posture of the whole nation.
Moreover, this highlights the continuous attempts of Myanmar’s military personnel to deprive the people of religious freedom by favoring one religion over many others. Religion has been a sensitive discussion topic in Myanmar’s political environment for decades. The military has once again exposed themselves as active perpetrators of the Rohingya Muslim Genocide that occurred in Rakhine State, and continues to be committed in many other parts of the country.
The likely impact of this currency announcement will be an increase in prices and a threat to the stability of Myanmar’s economy. SAC is likely to cause more uncertainty, which will negatively impact any investment. This announcement will cost me twice as much to pay for my school fees in order to pursue legal education abroad. I had estimated this expense a few month ago. It is possible that I will not be able afford what I was able before. Gas prices will increase for me, and others who use motorbikes and cars to commute in Myanmar. We will gradually notice the effects of all this. We haven’t seen the full impact of this announcement on Monday because it was made Sunday.
The opinions expressed in JURIST Dispatches reflect only those of our correspondents on the ground and are not necessarily the views of JURIST editors, staff or donors, nor the University of Pittsburgh.