Myanma kyat

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Myanma kyat (Burmese)
K1000
ISO 4217 Code	MMK
User(s)	Myanmar
Inflation	21.4%
Source	The World Factbook, 2006 est.
Subunit
1/100	pya
Symbol	K
Coins	10, 25, 50 pyas, K1, K5, K10, K50, K100
Banknotes	50 pyas, K1, K5, K10, K20, K50, K100, K200, K500, K1000
Central bank	Central Bank of Myanmar

The kyat (Burmese: ; MLCTS: kyap, IPA: [dʒɛʔ] or IPA: [tʃɛʔ]; ISO 4217 code MMK) is the currency of Myanmar. It is often abbreviated as "K", which is placed before the numerical value.

Contents 1 History 1.1 First kyat, -1889 1.2 Second kyat, 1943-1945 1.3 Third kyat, 1952- 2 Coins 2.1 First kyat 2.2 Second kyat 2.3 Third kyat 3 Banknotes 3.1 First kyat 3.2 Second kyat 3.3 Third kyat 4 Current MMK exchange rates 5 Sources 6 External links

[edit] History

[edit] First kyat, -1889

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, with the mu and mat worth 2 and 4 pe, respectively. Nominally, 16 silver kyat equal 1 gold kyat. The silver kyat was equivalent to the Indian rupee, which replaced the kyat after Burma was conquered by the British.

[edit] Second kyat, 1943-1945

When the Japanese occupied Burma in 1942, they introduced a currency based on the rupee. This was replaced at par by the kyat in 1943. This kyat was subdivided into 100 cents. The kyat became worthless at the end of the war when the rupee was reintroduced.

[edit] Third kyat, 1952-

The present kyat was introduced on July 1, 1952. It replaced the rupee at par. Decimalization also took place, with the kyat subdivided into 100 pya.

[edit] Coins

[edit] First kyat

In 1852, Mindon, the second last king of Burma, established the Royal Mint in Mandalay (Central Burma). The dies were made in Paris. Silver coins were minted in denominations of 1 pe, 1 mu (2 pe), 1 mat (4 pe), 5 mu (10 pe) and 1 kyat, with gold 1 pe and 1 mu. The obverses bore the Royal Peacock Seal, from which the coins got their name. The reverse contained the denomination and mint date (in the Burmese era, which starts from A.D. 638). In the 1860s and 1870s, lead coins were issued for ⅛ and ¼ pya, with copper, brass, tin and iron ¼ pe (1 pya) and copper 2 pya. Further gold goins were issued in 1866 for 1 pe, 2½ mu and 1 kyat, with 5 mu issued in 1878.

[edit] Second kyat

No coins were issued for this currency.

[edit] Third kyat

In 1952, coins were introduced for 1, 5, 10, 25 and 50 pya and 1 kyat. 1 pya coins were last minted in 1966, with the 5 pya last minted in 1987 and the 10, 25 and 50 pya in 1991. In 1999, a new series of coins was issued in denominations of 1, 5, 10, 50 and 100 kyats.

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

[edit] Banknotes

[edit] First kyat

No paper money was issued for this currency.

[edit] Second kyat

The Burma State Bank issued notes for 1, 5, 10 and 100 kyat in 1944, followed by a further issue of 100 kyat notes in 1945.

[edit] Third kyat

In 1953, the Union Bank of Burma introduced the first kyat notes, in denominations of 1, 5, 10 and 100 kyats. These were very similar in design to the last series of rupee notes, issued earlier the same year. In 1958, 20 and 50 kyats notes were introduced. The 50 and 100 kyat notes were demonetized on May 15, 1964. This was the first of several demonetizations, ostensible carried out with the aim of fighting black marketeering. The Peoples Bank of Burma took over note production in 1965 with an issue of 1, 5, 10 and 20 kyat notes.

1973 5 kyat banknote

1972 25 kyat banknote

1976 100 kyat banknote

In 1972, the Union Bank resumed note production, with notes introduced between 1972 and 1979 for 1, 5, 10, 25, 50 and 100 kyats. On November 3, 1985, the 50 and 100 kyat notes were again demonetized. Soon after, new kyat notes were introduced in the unusual denominations of 15, 35 and 75 kyats, 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 5000 kyat as compensation.

1986 35 kyat banknote

1985 75 kyat banknote

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. Banknotes for 45 and 90 kyat were introduced, both of which incorporated Ne Win's favorite number, 9. The resulting economic disturbances led to serious riots (see 8888 Uprising) and eventually a coup in 1988 by General Saw Maung.

Following the change of the country's name to Myanmar, new notes began to be issued. This time, the old notes were not demonetized, but simply allowed to fall into disuse through inflation as well as wear and tear. In 1990, 1 kyat notes were issued, followed the next year by 200 kyat notes. In 1994, notes for 50 pya, 20, 50, 100 and 500 kyats were issued, followed, in 1996, by new 1, 5 and 10 kyat notes. 1000 kyat notes were introduced in 1998.

In 2003, rumours 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 200, 500 and 1000 kyats were reduced in size (to make all Myanma banknotes uniform in size) but larger notes remain in circulation. 50 pya, 1, and 5 kyat banknotes are now rarely seen, because of their low value.

The Current Series
Image		Value	Dimensions	Color	Obverse	Reverse	Issued Date	Watermark	Note
[1]	[2]	50 pyas	110 × 55 mm	Obverse: Purple and orange Reverse: Multicolor	Saung gauk	Guilloché pattern	1994	"BCM"
[3]	[4]	K1		Blue-purple	Chinthe	Boat-rowing at Kandawgyi Lake, Yangon	1996
		K5	130 × 60 mm	Brown and blue		Chinlone game	1996	Chinthe
							1997	Chinthe bust over value
		K10		Purple		A karaweik (royal regalia boat)	1996	Chinthe
							1997	Chinthe bust over value
		K20	145 × 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	165 × 80 mm	Dark green		Elephant teak-logger	ca. 1991; 1998	Chinthe	Value below watermark
								Chinthe bust over value
			150 × 70 mm				2004	Chinthe bust over value	Value above watermark
		K500	165 × 80 mm	Purple and brown		A General Mahabandoola statue being painted	1994	Chinthe	Value above watermark
								Chinthe bust over value
			150 × 70 mm				2004	Chinthe bust over value	Value below watermark
		K1000	165 × 80 mm	Green and purple		Ministry of Finance and Revenue	1998	Chinthe	Value above watermark
								Chinthe bust over value
			150 × 70 mm				2004	Chinthe bust over value	Value below watermark
These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes.

[edit] 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 1335 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.

• 1 USD = K 6.69010
• 1 EUR = K 8.51482
• 1 GBP = K 12.67386
• 1 JPY = K 0.05719
• 1 CNY = K 0.84532

Rates are as of 22 September 2006.

According to The Irrawaddy, which provides accurate estimates of the black market (street rate, and hence unofficial), are as follows:

• 1 USD = K 1280

Rates are as of 15 February 2007

[edit] Sources

[edit] External links

• Globex Info Links on the Myanmar - Kyat
• Myanmar currency notes, by Indiana University

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