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.
16/07/2019: IMF Bailout Package
Pakistan reached an agreement with the IMF for a three-year, $6 billion bailout package to address its balance of payments crisis, affecting the value of the Pakistani rupee.
23/04/2015: Foreign Exchange Market Liberalization
Restrictions on foreign exchange were lifted, allowing a more liberalized foreign exchange market in Myanmar.
11/12/2013: IMF Loan Program
Pakistan signed a loan agreement with the International Monetary Fund (IMF) to stabilize its economy, resulting in devaluation of the Pakistani rupee.
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.
01/12/2008: Global Financial Crisis
The global financial crisis led to a depreciation of the Pakistani rupee against major international currencies due to economic instability.
28/05/1999: Introduction of State Bank of Pakistan
The State Bank of Pakistan was given full autonomous control over the monetary policy, which had a significant impact on the value of the Pakistani rupee.
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.
16/12/1971: Separation of East Pakistan
Following the separation of East Pakistan and the formation of Bangladesh, the Pakistani rupee underwent a major devaluation.
01/12/1964: Kyat Revalued
The Burmese kyat underwent a major revaluation, with 1 new kyat replacing 100 old kyats to combat inflation.
01/07/1955: Replacement of Indian Rupee
The Pakistani rupee replaced the Indian rupee as the official currency of Pakistan after the two countries separated.
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.
17/08/1947: Independence of Pakistan
The Pakistani rupee was introduced as the official currency of Pakistan after the country gained independence from British rule.