Myanmar kyat
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The kyat (Burmese: 
; MLCTS: kyap, ISO 4217 code MMK) is the official currency of Myanmar. It is often abbreviated as K, which is placed before the numerical value. One kyat is divided into 100 pyas (equivalent to the cent).
History
British Rule
The kyat was a denomination of both silver and gold coinages in Burma until 1889. It was divided into 20 pe, each of 4 pya. Nominally, 16 silver kyat equal 1 gold kyat. The Indian rupee replaced the kyat after Burma was conquered by the British.Japanese Occupation
The kyat was reintroduced as the currency of Burma in 1943, during the Japanese occupation in the Second World War. It was divided into 100 cents and replaced the earlier Japanese issued rupee at par. It became worthless at the end of the war when Indian currency (including notes produced specially for Burma) was reintroduced.Post Independence
The present kyat was introduced on July 1, 1952 when the Union of Burma Bank replaced the Burma Currency Board. It is divided into 100 pyas and replaced the rupee at par.Kyat banknotes were demonetized on a number of occasions with the ostensible aim of fighting black marketeering, starting with the demonetization of 50 and 100 kyat notes on May 15, 1964. On November 3,1985, the 50 and 100 kyat notes were again demonetized and replaced with new kyat notes in the unusual denominations of 15, 35 and 75, possibly chosen because of dictator Ne Win's predilection for numerology; the 75-kyat note was introduced on his 75th birthday. Smaller denominations remained legal tender and each family was,in theory, given up to 5,000 kyat as compensation.
Only two years later, on September 5, 1987, the government demonetized the 25, 35 and 75 kyat notes without prior warning, rendering some 75% of the country's currency worthless. A new series of 45 and 90-kyat notes was issued, both of which incorporated Ne Win's favorite number 9. The resulting economic disturbances led to serious riots and eventually a 1988 coup by General Saw Maung.
SLORC and SPDC
A new series of notes was introduced in 1989 following the change of the country's name to Myanmar. This time, the old notes were not demonetized, but simply allowed to fall into disuse through inflation as well as wear and tear. Consequently, all banknotes containing representations of Aung San, widely considered the founder of modern Burma, were modified with less patriotic images, such as landmarks in Yangon and depictions of traditional Burmese life. In 2003, rumors of another pending demonetization swept through the country, resulting in the junta issuing official denials, but this time the demonetization did not materialise. In 2004, the sizes of the 100, 200, and 500 kyats were reduced in size (to make uniform all Burmese banknotes), but larger notes remain in circulation.Coins
Pya coins exist, but are rarely seen.| 1991 Series | |||||||
|---|---|---|---|---|---|---|---|
| Value | Diameter | Weight | Composition | Edge | Obverse | Reverse | Minted Year |
| 10 pyas | 10 mm | Brass | Rice plant, "Central Bank of Myanmar" in Burmese | Value in Burmese numerals | 1991 | ||
| 25 pyas | 26 mm (longest) Hexagon | Chrome plated steel | Rice plant, "Central Bank of Myanmar" in Burmese | Value in Burmese numerals | 1991 | ||
| 50 pyas | 24.6 mm | Brass | Rice plant, "Central Bank of Myanmar" in Burmese | Value in Burmese numerals | 1991 | ||
| 1999 Series | |||||||
|---|---|---|---|---|---|---|---|
| Value | Diameter | Weight | Composition | Edge | Obverse | Reverse | Minted Year |
| 1 kyat | Chinthe, "Central Bank of Myanmar" and value in Burmese | Bank title and value in English and Hindu Arabic numerals | 1999 | ||||
| 5 kyats | 20 mm | 2.73 g | Brass | Plain | Chinthe, "Central Bank of Myanmar" and value in Burmese | Bank title and value in English and Hindu Arabic numerals | 1999 |
| 10 kyats | 23.5 mm | ||||||
| 50 kyats | 23.85 mm | 5.06 g | Cupronickel | Reeded | Chinthe, "Central Bank of Myanmar" and value in Burmese | Bank title and value in English and Hindu Arabic numerals | 1999 |
| 100 kyats | 26.8 mm | 7.52 g | |||||
Banknotes
In 1999, coins of 5 to 100 Kyat were introduced, but paper denominations are still legal tender. 50 pya, K1, and K5 banknotes are rarely seen, because of their worthlessness.
| The Current Series | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Color | Obverse | Reverse | Issued Date | Watermark | Note | |
| [link] | [link] | 50 pyas | Obverse: Pruple and orange Reverse: Multicolor | Saung gauk | Guilloché pattern | 1994 | "BCM" | ||
| [link] | [link] | K1 | Blue-purple | Chinthe | Boat-rowing at Kandawgyi Lake, Yangon | 1996 | |||
| 
| K5 | Brown and blue | Chinlone game | 1996 | Chinthe | |||
| 1997 | Chinthe bust over value | ||||||||
| 
| K10 | 130 x 60 mm | Purple | A karaweik (royal regalia boat) | 1996 | Chinthe | ||
| 1997 | Chinthe bust over value | ||||||||
| 
| K20 | 145 x 70 mm | Green | People's Park and Elephant Fountain, Yangon | 1994 | Chinthe bust over value | ||
| 
| K50 | Orange-brown | Lacquerware artisan | 1994 | Chinthe | |||
| 1997 | Chinthe bust over value | ||||||||
| 
| K100 | Blue, green, and pink | Temple renovation | 1994 | Chinthe | |||
| Chinthe bust over value | |||||||||
| K200 | 145 x 70 mm | Dark green | Elephant teak-logger | ca. 1991; 1998 | Chinthe | Value below watermark | |||
| Chinthe bust over value | |||||||||
| 
| 130 x 60 mm | 2004 | Chinthe bust over value | Value above watermark | ||||
| K500 | 145 x 70 mm | Purple and brown | A General Mahabandoola statue being painted | 1994 | Chinthe | Value above watermark | |||
| Chinthe bust over value | |||||||||
| 
| 130 x 60 mm | 2004 | Chinthe bust over value | Value below watermark | ||||
| K1000 | 145 x 70 mm | Green and purple | Ministry of Finance and Revenue | 1998 | Chinthe | Value above watermark | |||
| Chinthe bust over value | |||||||||
| 
| 130 x 60 mm | 2004 | Chinthe bust over value | Value below watermark | ||||
Current MMK exchange rates
Since 2001, the official exchange rate has varied between 5.75 and 6.70 kyats per US Dollar (8.20 to 7.00 kyats per Euro). However, the street rate (black market rate), which more accurately takes into account the standing of the national economy, has varied from 800 kyats to 1200 kyats per USD (985 to 1475 kyats per EUR). Black market exchange rates (USD to MMK) decrease during the peak of the tourist season in Myanmar (December to January). The following exchange rates are official and are primarily stagnant. They do not indicate performance of the actual national economy. Rates are as of 26 June 2006.According to The Irrawaddy, which provides accurate estimates of the black market (street rate, and hence unofficial), are as follows:
- 1 USD = K 1320
- 1 EUR = K 1048
References
External links
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