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The kyat (/kiˈɑːt/, US: /ˈtʃɑːt/ or /ˈkjɑːt/;[1] Burmese: ကျပ် [tɕaʔ]; ISO 4217
ISO 4217
code MMK) is the currency of Myanmar (Burma). It is often abbreviated as "K" (singular or plural) or "Ks" (plural), which is placed before or after the numerical value, depending on author preference.

Contents

1 Current MMK exchange rates 2 History

2.1 First kyat, 1852-1889 2.2 Second Kyat, 1943-1945 2.3 Third kyat, 1952-

3 Coins

3.1 First kyat 3.2 Second kyat 3.3 Third kyat

4 Banknotes

4.1 First kyat 4.2 Second kyat 4.3 Third kyat

4.3.1 1965-1971 4.3.2 1972-1988 4.3.3 1989 to present

4.4 Foreign Exchange Certificates 4.5 Re-design Proposal

5 References 6 External links

Current MMK exchange rates[edit] From 2001-2012, the official exchange rate varied between 5.75 and 6.70 kyats per US dollar
US dollar
(8.20 to 7.00 kyats per euro). However, the street rate (black market rate), which more accurately took into account the standing of the national economy, has varied from 750 kyats to 1335 kyats per USD (985 to 1475 kyats per EUR). The black market exchange rates (USD to MMK) decrease during the peak of the tourist season in Burma
Burma
(December to January). On 2 April 2012, the Central Bank of Myanmar
Myanmar
announced that the value of the kyat against the US dollar
US dollar
would float, setting an initial rate of K 818 per US dollar.[2] On 20 March 2013, the Finance Ministry announced that it would abolish Foreign Exchange Certificates (FEC), which were mandatory for tourists to buy at least US$200 worth of until 2003, a measure used to stop visitors from exchanging on the black market.[3]

Current MMK exchange rates

From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD

From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD

From XE: AUD CAD CHF EUR GBP HKD JPY USD

From OANDA: AUD CAD CHF EUR GBP HKD JPY USD

From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

History[edit] First kyat, 1852-1889[edit] 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 kyats equal 1 gold kyat. The silver kyat was equivalent to the Indian rupee, which replaced the kyat after Burma
Burma
was conquered by the British. Second Kyat, 1943-1945[edit] When the Japanese occupied Burma
Burma
in 1942, they introduced a currency based on the rupee. This was later replaced by banknotes in all kyat denominations. This kyat was subdivided into 100 cents. The currency became worthless at the end of the war when the Burmese rupee
Burmese rupee
was reintroduced in 1945. Third kyat, 1952-[edit] The present kyat was introduced on 1 July 1952. It replaced the rupee at par. Decimalisation also took place, with the kyat subdivided into 100 pya. Coins[edit] First kyat[edit] In 1852, Mindon, the second last king of Burma, established the Royal Mint in Mandalay
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 AD 638). In the 1860s and 1870s, lead coins were issued for ​1⁄8 and ​1⁄4 pya, with copper, brass, tin and iron ​1⁄4 pe (1 pya) and copper 2 pya. Further gold coins were issued in 1866 for 1 pe, ​2 1⁄2 mu and 1 kyat, with 5 mu issued in 1878. Second kyat[edit] No coins were issued for this currency. Third kyat[edit] In 1956, coins were introduced for 1, 5, 10, 25 and 50 pyas and 1 kyat. The new coins bore the same obverse figure of the Chinthe
Chinthe
from the Second kyat coins and the same reverse design, with the value of the coin in Myanmar
Myanmar
writing and numerals surrounded by Myanmar
Myanmar
flower designs.

1956-1966 issued coins [4]

Image Value Technical parameters Description Date of issue

Obverse Reverse Diameter Mass Composition Edge Obverse Reverse

1 pya 18 mm 2.2 g Bronze 90% copper 10% zinc Plain Chinthe Value (digit),Value (writing), year of minting, Myanmar
Myanmar
flower designs 1956

5 pyas 19.5 mm 3.17 g Copper-nickel Plain Chinthe Value (digit),Value (writing), year of minting, Myanmar
Myanmar
flower designs 1956

10 pyas 19.5 mm 4.46 g Copper-nickel Plain Value (digit),Value (writing), year of minting, Myanmar
Myanmar
flower designs 1956

25 pyas 24.1 mm 6.78 g Copper-nickel Plain Value (digit),Value (writing), year of minting, Myanmar
Myanmar
flower designs 1956

50 pyas 26 mm 7.8 g Copper-nickel Plain Value (digit),Value (writing), year of minting, Myanmar
Myanmar
flower designs 1956

1 kyat 30.5 mm 11.65 g Copper-nickel Plain Value (digit),Value (writing), year of minting, Myanmar
Myanmar
flower designs 1956

These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.

In 1966, all coins were redesigned to feature Aung San
Aung San
on the obverse and were all changed in composition to aluminium. Furthermore, the coins were slightly reduced in size. However, they retained the same shapes and overall appearance of the previous series of coins. These were circulated until being discontinued in 1983. In 1983, a new series of coins was issued in bronze or brass 5, 10, 25, 50 pyas and cupro-nickel 1 kyat. Although the 25 pyas were initially round, it was later redesigned as hexagonal due to size and appearance confusions with the 10 and 50 pyas. These would be the last official series of coins to be issued under the name of "Burma." 1 pya coins were last minted in 1966, with the 5 and 25 pyas last minted in 1987 and the 10 and 50 pyas in 1991. In 1999, a new series of coins was issued in denominations of bronze 1 kyat, brass 5 and 10 kyats, and cupro-nickel 50 and 100 kyats under the name "Central Bank of Myanmar." These are also the first coins of Burma
Burma
to depict Latin letters. These coins were intended for vendors and services as an alternative to large amounts of worn out, low denomination banknotes. High inflation has since pushed these coins out of circulation. In late 2008, the Myanmar
Myanmar
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 obverse and the Lotus Fountain from Naypyidaw
Naypyidaw
on the reverse. The 100 Kyat coin would be of cupro-nickel and depict the Burmese lion on the obverse and the value on the reverse.

1991 Series

Image Value Technical parameters Description Date of first minting

Diameter Weight Composition Edge Obverse Reverse

[5] 10 pyas 10 mm

Brass

Rice
Rice
plant, "Central Bank of Myanmar" in Burmese Value in Burmese numerals 1991

50 pyas 24.6 mm

Brass

Rice
Rice
plant, "Central Bank of Myanmar" in Burmese Value in Burmese numerals 1991

1999 Series

[6] 1 kyat

Chinthe, "Central Bank of Myanmar" and value in Burmese Bank title and value in English and Arabic numerals 1999

[7] 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

[8] 10 kyats 23.5 mm

[9] 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

[10] 100 kyats 26.8 mm 7.52 g

For table standards, see the coin specification table.

Banknotes[edit] First kyat[edit] No paper money was issued for this currency. Second kyat[edit] The Burma
Burma
State Bank issued notes for 1, 5, 10 and 100 kyats in 1944, followed by a further issue of 100 kyat notes in 1945.

1944/1945 Series

Image Value Dimensions Main Color Description Date of issue Remark

Obverse Reverse Obverse Reverse Watermark

K1 109 × 63 mm Blue Peacock and "1 kyat" written in Myanmar
Myanmar
with rising sun in background Mandalay
Mandalay
Royal Palace "Bamar" written in Myanmar
Myanmar
language embedded in guilloché pattern 1944

K5 130 × 72 mm Red Peacock and "5 kyats" written in Myanmar
Myanmar
with rising sun in background

K10 146 × 84 mm Green Peacock and "10 kyats" written in Myanmar
Myanmar
with rising sun in background

K100 160 × 90 mm Bright Orange Peacock and "100 kyats" written in Myanmar
Myanmar
with rising sun in background

K100 155 × 95 mm Dark blue Peacock and "100 kyats" written over Myanmar
Myanmar
"100" numerals with image of Head of State Ba Maw
Ba Maw
on right Mandalay
Mandalay
Royal Palace in center bordered by Myanmar
Myanmar
nāgas with "100" in Myanmar
Myanmar
numerals on left and right Head of State Ba Maw's image 1945

For table standards, see the banknote specification table.

Third kyat[edit]

A 5 kyat denomination note featuring Aung San

In 1952, the Union Bank of Burma
Burma
formed a Currency
Currency
Board which took over control of the issuing of currency and a more important change to the currency was the introduction of the decimal system in which 1 kyat was decimalised into 100 pyas.[11] On 12 February 1958, the Union Bank of Burma
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. Later on, 21 August 1958, 20 and 50 kyats notes were introduced. The 50 and 100 kyat notes were demonetised on 15 May 1964. This was the first of several demonetisations, ostensibly carried out with the aim of fighting black marketeering. 1965-1971[edit] The Peoples Bank of Burma
Burma
took over note production in 1965 with an issue of 1, 5, 10 and 20 kyat notes.

1965 Series

Image Value Dimensions Main Color Description Date of issue

Obverse Reverse Obverse Reverse Watermark

K1 115 × 66 mm Purple and grey General Aung San Inle Lake
Inle Lake
fisherman Series of semi-circles 30 April 1965

K5 150 × 70 mm Green Farmer and cow Pattern throughout paper 1965

K10 159 × 81 mm Red Woman picking cotton

K20 169 × 90 mm Brown Cultivating tractor

1972-1988[edit] In 1972, the Union of Burma
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
Burma
(established c. 1972) under the technical direction of the German printing firm Giesecke & Devrient.

A 35 kyats note issued in 1986.

On 3 November 1985, the 50-, and 100-kyats 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 10 November 1985, 75-kyats notes were introduced, the odd denomination possibly chosen because of dictator general Ne Win's predilection for numerology; the 75-kyats note was supposedly introduced to commemorate his 75th birthday. It was followed by the introduction of 15- and 35- kyats notes on 1 August 1986. Only two years later, on 5 September 1987, the government demonetised the 25-, 35-, and 75-kyats notes without warning or compensation, rendering some 75% of the country's currency worthless and eliminating the savings of millions of Burmese. On 22 September 1987, banknotes for 45 and 90 kyats were introduced, both of which incorporated Ne Win's favourite number, nine. The resulting economic disturbances led to serious riots and eventually a coup d'état in 1988 by General Saw Maung.

1972-1987 Series

Image Value Dimensions Main Color Description Date of

Obverse Reverse Obverse Reverse issue issue suspension

K 1 124 × 60 mm Green General Aung San Weaving Loom 31 October 1972 Fall into disuse, wear and tear

K 5 136 × 70 mm Blue Palm Tree 31 October 1973 Fall into disuse, wear and tear

K 10 146 × 80 mm Reddish Brown Ceremonial Offering Bowl 30 June 1973 Fall into disuse, wear and tear

K 15 149 × 71 mm Light green Zawgyi wood carving 1 August 1986 Fall into disuse,wear and tear

K 25 155 × 90 mm Orange Pyinsa Rupa 3 November 1985 5 September 1987

K 35 155 × 74 mm Violet Standing Nat Thar 1 August 1986 5 September 1987

K 45 158 × 77,5 mm Blue-green Thakin Pho Hla Gyi Oil field workers and oil drills 22 September 1987 Fall into disuse,wear and tear

K 50 166 × 100 mm Yellow-Brown General Aung San Law Ka Nat July 1979 3 November 1985

K 75 161 × 77 mm Brown 10 November 1985 5 September 1987

K 90 167 × 80 mm Light green Saya San Farmers and bullock cart 22 September 1987 Fall into disuse,wear and tear

K 100 176 × 110 mm Light green General Aung San Saung
Saung
gauk 1 August 1976 3 November 1985

For table standards, see the banknote specification table.

Banknotes of 50 pyas, 1 kyat and 5 kyats are rare. Most daily transactions are round up to nearest 10 kyat. 1989 to present[edit] Following the change of the country's name to Myanmar
Myanmar
on 20 June 1989, new notes began to be issued, but returning to more useful or practical denominations. This time, the old notes were not demonetised, but simply allowed to fall into disuse through inflation as well as wear and tear. On 1 March 1990, 1-kyat notes were issued, followed by 200-kyat notes on 27 March 1990. On 27, March 1994, notes for 50 pya, 20, 50, 100, and 500 kyats were issued, followed on 1 May 1995, by new 5- and 10-kyat notes. 1,000-kyat notes were introduced in November 1998. In 2003, rumours of another pending demonetisation 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 1,000 kyats were reduced in size (to make all Burmese banknotes uniform in size) but larger notes were allowed to remain in circulation. 50 pyas, 1, 5, and 10 kyat banknotes are now rarely seen, because of their low value.

A 5000 kyats note issued in October 2009.

On 1 October 2009, 5,000-kyats banknotes were issued measuring 150 x 70 mm. Along the top front is written Central Bank of Myanmar
Myanmar
in Burmese, and in the centre is a white elephant. On the back is a picture of the Central Bank of Myanmar
Myanmar
with "FIVE THOUSAND KYATS 5000" written in English. This new denomination is five times larger than the previous largest denomination.[12] Public response has been mixed, with some welcoming a higher value note 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 black market exchange rates following the public announcement of this change.[13][14] The Central Bank of Myanmar
Myanmar
introduced new 5,000-kyats banknotes on 1 October 2014 to prevent counterfeiting, it reported on 18 September. The revised notes are varnished and have enhancements made to the printing, watermarks, and security thread and is the same size, colour and design as the 2009 issue, which continues to be used. The new notes will last longer and be cleaner, the central bank said. The announcement followed recent media reports that counterfeit Ks 5,000 and Ks 10,000 banknotes were circulating widely. Police seized eight counterfeit Ks 10,000 bills and a printer allegedly used to make them on 12 September in Yangon’s Tamwe Township.[15] On 9 June 2012, the Central Bank announced that 10,000-kyats notes would be introduced into circulation to better facilitate financial transactions in a largely cash-oriented economy. They were issued on 15 June 2012.[16][17] Ever since the Third Kyat was introduced, the Myanmar
Myanmar
currency has no indication of the date in which the note came into circulation nor the signature of the issuing authority.

Current Series

Image Value Dimensions Main Color Description Date of issue Remark

Obverse Reverse Obverse Reverse Watermark

50 pyas 110 × 55 mm Obverse: Purple and orange Reverse: Multicolor Saung
Saung
gauk Guilloché
Guilloché
pattern "BCM" 27 March 1994

K1 Orange Bogyoke Aung San Guilloché
Guilloché
pattern Bogyoke Aung San 1 March 1990

K1 Blue-purple Chinthe Boat-rowing at Kandawgyi Lake, Yangon "BCM" 31 October 1996

K5 130 × 60 mm Brown and blue Chinlone
Chinlone
cane ball game Chinthe 1 May 1995

Chinthe
Chinthe
bust over value 1997

K10 Purple A karaweik (royal regalia boat) Chinthe 1 May 1995

Chinthe
Chinthe
bust over value 1997

K20 145 × 70 mm Green People's Park and Elephant Fountain, Yangon Chinthe
Chinthe
bust over value 27 March 1994

K50 Orange-brown Lacquerware
Lacquerware
artisan Chinthe 27 March 1994

Chinthe
Chinthe
bust over value 1997

K100 Blue, green, and pink Temple renovation Chinthe 27 March 1994

Chinthe
Chinthe
bust over value

[18] [19] K200 165 × 80 mm Dark green Elephant teak-logger Chinthe 27 March 1990; 1998 Value below watermark

Chinthe
Chinthe
bust over value

150 × 70 mm Chinthe
Chinthe
bust over value 11 December 2004 Value above watermark

[20] [21] K500 165 × 80 mm Purple and brown A General Mahabandoola statue being painted Chinthe 27 March 1994 Value above watermark

Chinthe
Chinthe
bust over value

150 × 70 mm Chinthe
Chinthe
bust over value 10 October 2004 Value below watermark

K1000 165 × 80 mm Green and purple Ministry of Finance and Revenue Chinthe November 1998 Value above watermark

Chinthe
Chinthe
bust over value

150 × 70 mm Chinthe
Chinthe
bust over value 11 October 2004 Value below watermark

K5000 150 × 70 mm Orange/pink Elephant Pyidaungsu Hluttaw (Assembly of the Union) legislature buildings in Zeya Theddhi Ward of Naypyidaw Elephant profile over value 1 October 2009[22] Value below watermark

K10,000 [23] 150 × 70 mm Blue, red, purple, green, brown and yellow Defaced State Seal of Myanmar
Myanmar
(Features a lotus and a pair of elephant, instead of a star, a pair of Chinthe
Chinthe
lion and the Armiger as in the Original State Seal) Mandalay
Mandalay
Royal Palace Moat Lotus Flower profile over value 15 June 2012 Value below watermark

Foreign Exchange Certificates[edit] In 1993, Myanmar
Myanmar
began issuing foreign exchange certificates (FEC) in denominations of 1, 5, 10, and 20 kyats. These were exchanged on a parity ratio with the United States Dollar
United States Dollar
and were valued separately from the regular kyat. Conversion of foreign currency into kyats was made illegal as exchange rates were set artificially high. During much of this period, two valuations of the Myanmar
Myanmar
kyat emerged; The official rate which averaged around 6 MMK = 1 USD, and the black market rate which averaged tens of times higher. Foreign visitors could only transact currency in FEC's or could only obtain kyats at the artificially high official rates. Illegal peddlers often had to be sought out to exchange currency. On 1 April 2012, the Government of Myanmar
Myanmar
began allowing for a managed float of the kyat and legalised the use and exchange of foreign currencies in Myanmar
Myanmar
to better reflect the global exchange rates, attract investment, and to weaken the black markets. On 20 March 2013, the government announced the discontinuation and gradual withdrawal of FEC's. Re-design Proposal[edit] Following the removal of General Aung San's portraits from the banknotes of the Myanmar
Myanmar
kyat in 1987, there have been calls by both the public and opposition politicians to reinstate them, as well as criticizing the use of animals on banknotes in circulation. Writer U Nyi Maung notes that foreign countries use portraits of their national leaders and heroes on their banknotes, such as Thailand, and encourages the reinstatement of General Aung San's portrait on the Kyat to remember his legacy. In October 2017, a proposal was submitted by National League for Democracy MP U Aung Khin Win to debate the issue in the Pyithu Hluttaw.[24] While the Central Bank of Myanmar
Myanmar
argues that the cost of reprinting new notes bearing the General's portrait would be monumental considering Myanmar's current economic situation, U Aung Khin Win stated that new notes would only be reprinted to replace damaged notes or in the release of new denominations or size of Kyat banknotes.[24] The debate on this issue took place in the Pyithu Hluttaw on 17 November 2017. The proposal was wholly rejected by the military bloc, but it was passed with 286 votes for, and 109 against.[25] References[edit]

^ Jones, Daniel (2003) [1917], Peter Roach, James Hartmann and Jane Setter, eds., English Pronouncing Dictionary, Cambridge: Cambridge University Press, ISBN 3-12-539683-2 CS1 maint: Uses editors parameter (link) ^ " Burma
Burma
sets currency exchange rate as it floats the kyat". BBC News. 2 April 2012.  ^ Maierbrugger, Arno (20 March 2013). " Myanmar
Myanmar
phases out dollar surrogate". Inside Investor. Retrieved 20 March 2013.  ^ "Series of Bank Notes and Coins - Central Bank of Myanmar". Cbm.gov.mm.  ^ "Photographic image" (JPG). Worldcoingallery.com. Retrieved 16 January 2018.  ^ "Photographic image" (JPG). Worldcoingallery.com. Retrieved 16 January 2018.  ^ "Photographic image" (JPG). Worldcoingallery.com. Retrieved 16 January 2018.  ^ "Photographic image" (JPG). Worldcoingallery.com. Retrieved 16 January 2018.  ^ "Photographic image" (JPG). Worldcoingallery.com. Retrieved 16 January 2018.  ^ "Photographic image" (JPG). Worldcoingallery.com. Retrieved 16 January 2018.  ^ "History of Bank Notes - Central Bank of Myanmar". Cbm.gov.mm. Retrieved 16 January 2018.  ^ Linzmayer, Owen (2012). "Myanmar". The Banknote Book. BanknoteNews.com. San Francisco, California.  ^ "New Myanmar
Myanmar
kyat note". Myanmar2day.com. Retrieved 16 January 2018.  ^ Myanmar
Myanmar
new 5,000-kyat note confirmed BanknoteNews.com, 9 October 2009. ^ "Some Interesting Facts About Paper Money". Nutmegcollector.blogspot.com. Retrieved 16 January 2018.  ^ "Get complete access to The Washington Post online - it's FREE!". The Washington Post. 7 June 2012. [dead link] ^ " Myanmar
Myanmar
new 10,000-kyat note confirmed". Banknotenews.com. Retrieved 16 January 2018.  ^ "Banknote World - World Currency
Currency
& Paper Money Collectors". Web.archive.org. Archived from the original on 14 April 2008.  ^ "Banknote World - World Currency
Currency
& Paper Money Collectors". Web.archive.org. Archived from the original on 14 April 2008.  ^ "Banknote World - World Currency
Currency
& Paper Money Collectors". Web.archive.org. Archived from the original on 28 June 2011.  ^ "Banknote World - World Currency
Currency
& Paper Money Collectors". Web.archive.org. Archived from the original on 28 June 2011.  ^ " Myanmar
Myanmar
new 5,000-kyat note confirmed". Banknotenews.com. Retrieved 16 January 2018.  ^ " Burma
Burma
to issue 10,000-kyat banknote". Web.archive.org. 31 May 2013. Retrieved 16 January 2018.  ^ a b " Aung San
Aung San
returns to Kyat notes". The Myanmar
Myanmar
Times. Retrieved 2017-11-17.  ^ "Gen Aung San
Aung San
to Return to Banknotes Despite Military Disapproval". The Irrawaddy. 2017-11-17. Retrieved 2017-11-17. 

Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.  Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st 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. CS1 maint: Extra text: authors list (link)

External links[edit]

Central Bank of Myanmar THE UNIVERSAL PAYMENT SYSTEM - Kyat to Myanmar

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