22/02/2021: Kyat's Depreciation Challenges
The Burmese kyat faced significant depreciation and instability due to political turmoil and the military coup in Myanmar.
15/01/2019: Introduction of New Banknotes
New series of banknotes with enhanced security features and improved designs were introduced by the Maldives Monetary Authority.
23/04/2015: Foreign Exchange Market Liberalization
Restrictions on foreign exchange were lifted, allowing a more liberalized foreign exchange market in Myanmar.
01/09/2014: Introduction of Polymer Banknotes
Polymer banknotes were introduced in the Maldives, replacing the traditional paper banknotes, enhancing their durability and security features.
02/04/2012: Managed Float Regime Implemented
The Burmese government adopted a managed float exchange rate regime, allowing the kyat to fluctuate based on market forces.
01/07/2011: Redenomination of the Rufiyaa
The Maldivian Rufiyaa underwent redenomination, with new banknotes and coins introduced to simplify transactions and reduce the number of zeros.
01/01/2002: Decimalization of the Rufiyaa
The Maldivian Rufiyaa was decimalized, with 100 laari equaling 1 Rufiyaa, replacing the previous system of 1 Rufiyaa equalling 100 lari.
01/04/1990: Foreign Exchange Certificates Introduced
Foreign Exchange Certificates (FECs) were introduced as a parallel currency to stabilize the economy and control the black market.
01/09/1987: Second Kyat Revalued
Due to hyperinflation, the Burmese kyat was again revalued, with 1 kyat replacing 10 new kyats.
01/09/1983: Introduction of the Maldivian Rufiyaa
The Maldivian Rufiyaa was introduced as the new currency, replacing the Maldivian Rupee at a 1:1 exchange rate.
01/09/1981: Establishment of the Maldives Monetary Authority
The Maldives Monetary Authority (MMA) was established as the central bank of the Maldives, responsible for issuing and managing the currency.
01/12/1964: Kyat Revalued
The Burmese kyat underwent a major revaluation, with 1 new kyat replacing 100 old kyats to combat inflation.
01/07/1952: Kyat Introduced
The Burmese kyat was first introduced as the official currency of Burma, replacing the Indian rupee at an exchange rate of 1 kyat = 1 rupee.
22/10/1947: Introduction of the Maldivian Rupee
The Maldivian Indian Rupee was adopted as the official currency of the Maldives, replacing the Ceylonese Rupee.