Myanma kyat

(Burmese)

1 kyat (1990)

ISO 4217 Code MMK

User(s) Burma

Inflation 7.7%

Source The World Factbook, 2009 est.

Subunit

1/100 pya

Symbol K

Coins K1, K5, K10, K50, K100

Banknotes 50 pyas, K1, K5, K10, K20, K50, K100, K200, K500, K1000, K5000

Central bank Central Bank of Myanmar

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

1 History
2 Coins
3 Banknotes
4 Current MMK exchange rates
5 References
6 External links

History

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.

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.

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.

Coins

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.

Second kyat

No coins were issued for this currency.

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 and 25 pya last minted in 1987 and the 10 and 50 pya in 1991. In 1999, a new series of coins was issued in denominations of 1, 5, 10, 50 and 100 kyats.

In late 2008, the Burmese government announced that new 50 and 100 Kyat coins would be issued. According to newspaper articles, the new 50 kyat coin would be made of copper, with the usual Burmese lion on the observe and the Lotus Fountain from Naypyidaw on the reverse. The 100 Kyat coin would be of cupro-nickle and depict the Burmese lion on the observe and the value on the reverse.

1991 Series
Image	Value	Technical parameters			Description			Date of first minting
Image	Value	Diameter	Weight	Composition	Edge	Obverse	Reverse	Date of first minting
[1]	10 pyas	10 mm		Brass		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
[2]	1 kyat					Chinthe, "Central Bank of Myanmar" and value in Burmese	Bank title and value in English and Arabic numerals	1999
[3]	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 Arabic numerals	1999
[4]	10 kyats	23.5 mm		Brass		Chinthe, "Central Bank of Myanmar" and value in Burmese	Bank title and value in English and Arabic numerals	1999
[5]	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 Arabic numerals	1999
[6]	100 kyats	26.8 mm	7.52 g	Cupronickel	Reeded	Chinthe, "Central Bank of Myanmar" and value in Burmese	Bank title and value in English and Arabic numerals	1999
For table standards, see the coin specification table.

Banknotes

First kyat

No paper money was issued for this currency.

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.

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, ostensibly 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.

In 1972, the Union of Burma Bank took over note issuance, with notes introduced between 1972 and 1979 for 1, 5, 10, 25, 50 and 100 kyats. The notes were printed by the Security Printing Works in Wazi, Upper Burma (established circa 1972) under the technical direction of the German firm Giesecke & Devrient. On November 3, 1985, the 25-, 50-, and 100-kyat notes were demonetized without warning, though the public was allowed to exchange limited amounts of the old notes for new ones. All other denominations then in circulation remained legal tender. On November 10, 1985, 75-kyat notes were introduced, the odd denomination possibly chosen because of dictator Ne Win's predilection for numerology; the 75-kyat note was supposedly introduced to commemorate his 75th birthday. It was followed by the introduction of 15- and 35-kyat notes on August 1, 1986.

1986 35-kyat banknote

Only two years later, on September 5, 1987, the government demonetized the 25-, 35-, and 75-kyat notes without warning or compensation, rendering some 75% of the country's currency worthless. The resulting economic disturbances led to serious riots (see 8888 Uprising) and eventually a coup d'état in 1988 by General Saw Maung. On September 22, 1987, banknotes for 45 and 90 kyat were introduced, both of which incorporated Ne Win's favorite number, nine.

Following the change of the country's name to Myanmar on June 20, 1989, 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. On March 1, 1990, 1-kyat notes were issued, followed by 200-kyat notes on March 27, 1990. On March 27, 1994, notes for 50 pya, 20, 50, 100, and 500 kyats were issued, followed, on May 1, 1995, by new 5- and 10-kyat notes. 1,000-kyat notes were introduced in November 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 materialize. In 2004, the sizes of the 200, 500, and 1,000 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.

5000 Kyat

On October 1, 2009, banknotes were released with a value of 5000 kyats and it is 15cm by 7cm. On the top is written Central Bank of Myanmar in Burmese and in the center is white elephant. On the back is a picture of the Central Bank of Myanmar with "5000 kyat" written English. This new release of notes, has a significantly higher value than the next highest value banknotes currently in circulation, being 1000 kyats. Public response has been mixed, with some welcoming a higher value bill reducing the number of banknotes which need to be carried. Other responses have suggested a widespread fear that this will simply fuel the current rate of inflation, which was supported by a jump in the blackmarket exchange rates following the public announcement of this change.^[1]^[2]

The Current Series
Image		Value	Dimensions	Main Color	Description			Date of issue	Remark
Obverse	Reverse	Value	Dimensions	Main Color	Obverse	Reverse	Watermark	Date of issue	Remark
[7]	[8]	50 pyas	110 × 55 mm	Obverse: Purple and orange Reverse: Multicolor	Saung gauk	Guilloché pattern	"BCM"	March 27, 1994
[9]	[10]	K1	110 × 55 mm	Blue-purple	Chinthe	Boat-rowing at Kandawgyi Lake, Yangon	"BCM"	1996
[11]	[12]	K5	130 × 60 mm	Brown and blue		Chinlone cane ball game	Chinthe	May 1, 1995
[11]	[12]	K5		Brown and blue		Chinlone cane ball game	Chinthe bust over value	1997
[13]	[14]	K10		Purple		A karaweik (royal regalia boat)	Chinthe	May 1, 1995
[13]	[14]	K10		Purple		A karaweik (royal regalia boat)	Chinthe bust over value	1997
[15]	[16]	K20	145 × 70 mm	Green		People's Park and Elephant Fountain, Yangon	Chinthe bust over value	March 27, 1994
[17]	[18]	K50		Orange-brown		Lacquerware artisan	Chinthe	March 27, 1994
[17]	[18]	K50		Orange-brown		Lacquerware artisan	Chinthe bust over value	1997
[19]	[20]	K100		Blue, green, and pink		Temple renovation	Chinthe	March 27, 1994
[19]	[20]	K100		Blue, green, and pink		Temple renovation	Chinthe bust over value	March 27, 1994
[21]	[22]	K200	165 × 80 mm	Dark green		Elephant teak-logger	Chinthe	March 27, 1990; 1998	Value below watermark
[21]	[22]		165 × 80 mm				Chinthe bust over value	March 27, 1990; 1998	Value below watermark
[23]	[24]		150 × 70 mm				Chinthe bust over value	2004	Value above watermark
[25]	[26]	K500	165 × 80 mm	Purple and brown		A General Mahabandoola statue being painted	Chinthe	March 27, 1994	Value above watermark
[25]	[26]		165 × 80 mm				Chinthe bust over value	March 27, 1994	Value above watermark
[27]	[28]		150 × 70 mm				Chinthe bust over value	2004	Value below watermark
[29]	[30]	K1000	165 × 80 mm	Green and purple		Ministry of Finance and Revenue	Chinthe	November 1998	Value above watermark
[29]	[30]		165 × 80 mm				Chinthe bust over value	November 1998	Value above watermark
[31]	[32]		150 × 70 mm				Chinthe bust over value	2004	Value below watermark
		K5000		Orange/pink	Elephant		Elephant profile over value	October 2009	Value below watermark
For table standards, see the banknote specification table.

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 6.51
1 EUR = K 9.3723
1 GBP = K 10.5613
1 JPY = K 0.0702
1 CNY = K 0.9541

Rates are as of 4 January 2010.

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
1 USD = K 1350 Rates are as of 21 September 2007
1 USD = K 1325 Rates are as of 15 October 2007
1 USD = K 1100 Rates are as of 14 March 2008
1 USD = K 1240 Rates are as of 21 October 2008
1 USD = K 1130 Rates are as of 1 August 2009
1 USD = K 960 Rates are as of 20 November 2009

References

↑ http://www.myanmar2day.com/myanmar-news/2009/09/new-myanmar-kyat-note/
↑ Myanmar new 5,000-kyat note confirmed Banknote News, 9 October 2009

Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed. ed.). Krause Publications. ISBN 0873411501.
Krause, Chester L. and Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed. ed.). Krause Publications. ISBN 0873495934.
Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.
Cuhaj, George S. (editor) (2006). Standard Catalog of World Paper Money: Modern Issues 1961-Present (12th ed.). Krause Publications. ISBN 0-89689-356-1.

External links

Currencies of Asia

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Southeast	Brunei dollar (Singapore) · Cambodian riel · Indonesian rupiah · Lao kip · Malaysian ringgit · Myanma kyat · Philippine peso · Singapore dollar (Brunei) · Thai baht · U.S. dollar · East Timorese centavo (East Timor) · Vietnamese đồng

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Myanma kyat

Contents

History

First kyat, -1889

Second kyat, 1943-1945

Third kyat, 1952-

Coins

First kyat

Second kyat

Third kyat

Banknotes

First kyat

Second kyat

Third kyat

Current MMK exchange rates

References

External links