Kyat
From Biocrawler, the free encyclopedia.
The kyat (ISO 4217 code MMK) is the official currency of Myanmar. Paper currency comes in 1, 5, 10, 20, 50, 100, 200, 500 and 1000 kyat notes. One kyat is equal to 100 pyas. Pya coins exist, but are rarely seen.
Although the official exchange rate is set around 7 kyats to one US Dollar, the street rate can go as high as 1000 kyats (900 kyats as of Feb, 2005).
Official Exchange rates as of December 20, 2004:
History
As part of the British Empire, Burma used Indian silver rupees until April 1, 1937, when it issued the first Burmese rupee. The Burmese rupee remained at par with the Indian rupee until World War II. During Japanese occupation, Malayan military dollars were used as the currency, but the country reverted back to rupees as soon as the war ended.
The Burmese kyat was introduced on July 1, 1952 when the Union Bank of Burma replaced the Burma Currency Board.
Kyat notes have been 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 20, 50 and 100 kyat notes were demonetized again and replaced with new kyat notes in the unusual denominations of 25, 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 once again 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 15, 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 1998 coup by General Saw Maung.
The new regime renamed the currency as the Myanmar kyat in 1989 and introduced the present series of notes. 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.
External Links
Globex Info Links on the Myanmar - Kyat (http://www.cosmin.com/globex/CurrencyInfoResources.php?currency=MMK&lang=en)
