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.
01/01/2019: Switch to the Bermuda dollar symbol
Bermuda officially adopted a new currency symbol for the Bermudian dollar, replacing the British pound sign used previously.
23/04/2015: Foreign Exchange Market Liberalization
Restrictions on foreign exchange were lifted, allowing a more liberalized foreign exchange market in Myanmar.
16/03/2015: Redesign of banknotes
The Bermuda Monetary Authority unveiled a redesigned series of banknotes featuring enhanced security features and updated designs.
01/05/2012: Introduction of polymer banknotes
Bermuda introduced polymer banknotes to replace paper currency for better durability and security.
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.
01/01/1997: Incorporation into Federal Reserve System
The US Federal Reserve System incorporated the Bermuda Monetary Authority into its banking system.
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.
06/01/1982: New notes and coins
Bermuda issued new notes and coins, featuring iconic local sights, to commemorate its 375th anniversary.
25/02/1972: Introduction of decimal coins
Bermuda introduced a decimal currency system, replacing the old pounds, shillings, and pence.
06/07/1970: Currency Board Agreement
Bermuda established a Currency Board System, pegging the Bermudian dollar at par with the US dollar.
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.