Myanmar Central Bank will issue its highest denomination banknote as the economy suffers

BANGKOK (AP) — The Central Bank of army-ruled Myanmar will issue a new banknote worth twice as much as the current highest denomination. It took the action as the economy has become more unstable since the generals seized power in 2021. The reason for issuing a higher denomination note of 20,000 kyats (about $9.50) was not explained. Since the military ousted the elected government of Aung San Suu Kyi, economic boycotts and sanctions imposed by Western nations have hurt both big businesses and ordinary people, many of whose lives have already been disrupted by civil war and the coronavirus pandemic. The issuance of new, higher denomination currency is associated in popular belief with a risk of inflation.