The kyat (File:Bscript kyat.png, symbol: K, ISO 4217 code MMK) is the official currency of Myanmar.
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 with no prior warning, rendering some 75% of the country's currency worthless. A new series of 45 and 90-kyat notes was issued, incorporating 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. 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 materialize.
Denominations
| Burmese banknotes | |||
| Unit | Issue date | Obverse | Reverse |
| 1 | 1996 | Chinthe | Boat-rowing at Kandawgyi Lake |
| 5 | 1997 | Chinthe | Chinlon game |
| 10 | 1997 | Chinthe | Karaweik |
| 20 | 1994 | Chinthe | People's Park and Elephant Fountain |
| 50 | - | Chinthe | Lacquerware artisan |
| 100 | - | Chinthe | Temple renovation |
| 200 | - | Chinthe | - |
| 500 | - | Chinthe | Burmese king |
| 1000 | 1998 | Chinthe | Central Bank of Myanmar |
Paper currency comes in 1, 5, 10, 20, 50, 100, 200, 500 and 1000 kyat notes. In 1999 coins of 1 to 100 Kyat were introduced, but paper denominations are still legal tender. Pya coins exist, but are rarely seen.
Exchange Rate
Since 2001, the official exchange rate has varied between 6.70 and 5.75 kyats per US Dollar (8.20 to 7.00 kyats per Euro). However, the street rate (black market rate) has varied from 800 kyats to 1200 kyats per US Dollar (985 to 1475 kyats per Euro).
Official and Parallel Exchange rates : January 23, 2006: Value of one U.S. Dollar and one Euro in Kyats:
| Date | Currency | Official Rate | Black Market / Parallel Rate |
|---|---|---|---|
| 2006 | US Dollar | 5.83773 | 1100 to 1200 |
| 2006 | Euro | 7.16406 | 1350 to 1475 |
External links
Globex Info Links on the Myanmar - Kyat
 | This money or currency-related article is a stub. You can help Wikipedia by expanding it. |