The Central Bank of Myanmar (CBM) on Sunday announced that it will release new banknotes with a denomination of 20,000 kyats on July 31.

The release of the new banknotes is to mark the completion of the Maravijaya Buddha Image, a giant sitting marble statue of Lord Buddha in Nay Pyi Taw and to mark the first birthday celebration of a rare white elephant, the central bank said.

The 20,000-kyat banknotes are to be issued in limited numbers through an exchange process, it said, adding that individuals can obtain the banknotes by exchanging them with the current banknotes, particularly the old ones that are no longer suitable for circulation.

The banknotes will be available for exchange at the central bank in Nay Pyi Taw, as well as its branches in Yangon and Mandalay, it said.

The CBM also clarified that the existing banknotes currently in circulation will continue to exist as official currency alongside the new denomination.

The central bank described the design of the new banknote that its dominant color is light green. The front side of the banknote features a Myanmar-style artistic portrayal of a white elephant, while its back side displays the illustration of Sagaing Bridge and Ayeyarwady Bridge.

The dimension of a 20,000-kyat banknote is 15 centimeters in width and seven centimeters in height, the bank said.

Once released, the 20,000-kyat banknotes will become the highest denomination among Myanmar's current currency notes.

The central bank's reference exchange rate on Sunday stands at 2,100 kyats per U.S. dollar.