The kyat (, or ; [ 1 ] Burmese : ကျပ် [ tɕaʔ ] ; ISO 4217 code MMK ) is the currentness of Myanmar ( Burma ). It is much abbreviated as “ K ” ( singular or plural ) or “ Ks ” ( plural ), which is placed before or after the numeric value, depending on author preference. The term kyat derives from the ancient Burmese unit kyattha ( burmese : ကျပ်သား ), equal to 16.3 ( 16.329324593 ) grams of ash grey. [ 2 ] [ 3 ]
Reading: Myanmar kyat
Current MMK substitution rates [edit ]
From 2001-2012, the official commute pace 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 took into account the stand of the national economy, has varied from 750 kyats to 1335 kyats per USD ( 985 to 1475 kyats per EUR ). The black market rally rates ( USD to MMK ) decrease during the extremum of the tourist temper in Burma ( December to January ). On 2 April 2012, the Central Bank of Myanmar announced that the value of the kyat against the US dollar would float, setting an initial rate of K 818 per US dollar. [ 4 ] On 20 March 2013, the Finance Ministry announced that it would abolish Foreign Exchange Certificates ( FEC ), which were mandate for tourists to buy at least US $ 200 worth of until 2003, a bill used to stop visitors from exchanging on the black marketplace. [ 5 ]
history [edit ]
First kyat, 1852-1889 [edit ]
The kyat was a appellation of both silver and amber coinages in Burma until 1889. It was divided into 16 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 ash grey kyat was equivalent to the indian seychelles rupee, which replaced the kyat after Burma was conquered by the british .
second Kyat, 1943-1945 [edit ]
When the japanese occupied Burma in 1942, they introduced a currency based on the nepalese rupee. This was late replaced by banknotes in all kyat denominations. This kyat was subdivided into 100 cents. The currentness became despicable at the end of the war when the Burmese pakistani rupee was reintroduced in 1945 .
Third kyat, 1952- [edit ]
The present kyat was introduced on 1 July 1952. It replaced the seychelles rupee at par. Decimalisation besides took seat, with the kyat subdivided into 100 pya .
Coins [edit ]
first kyat [edit ]
In 1852, Mindon, the second end 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 ( 8 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 change by reversal contained the appellation 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, boldness, 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 currentness .
Third kyat [edit ]
In 1956, coins were introduced in denominations of 1, 5, 10, 25 and 50 pya and 1 kyat. The new coins bore the lapp obverse figure of the Chinthe from the Second kyat coins and the lapp reverse design, with the value of the mint in Myanmar write and numerals surrounded by Myanmar flower designs .
1956-1966 issued coins [6]
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 flower designs
1956
5 pyas
19.5 mm
3.17 g
Copper-nickel
Plain
Chinthe
Value (digit),Value (writing), year of minting, Myanmar flower designs
1956
10 pyas
19.5 mm
4.46 g
Copper-nickel
Plain
Value (digit),Value (writing), year of minting, Myanmar flower designs
1956
25 pyas
24.1 mm
6.78 g
Copper-nickel
Plain
Value (digit),Value (writing), year of minting, Myanmar flower designs
1956
50 pyas
26 mm
7.8 g
Copper-nickel
Security edge
Value (digit),Value (writing), year of minting, Myanmar flower designs
1956
1 kyat
30.5 mm
11.65 g
Copper-nickel
Security edge
Value (digit),Value (writing), year of minting, Myanmar flower designs
1956
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.
In 1966, all coins were redesigned to feature Aung San on the obverse and were all changed in musical composition to aluminium. Furthermore, the coins were slightly reduced in size. however, they retained the like shapes and overall appearance of the previous series of coins. These were circulated until being discontinued in 1983. In 1983, a newly series of coins was issued in bronze or brass section 5, 10, 25, 50 pya and cupro-nickel 1 kyat. Although the 25 pyas were initially round, it was belated redesigned as hexangular due to size and appearance confusions with the 10 and 50 pya. These would be the last official serial of coins to be issued under the name of “ Burma. ” 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 newfangled 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 besides the first base coins of Burma to depict Latin letters. These coins were intended for vendors and services as an option to big amounts of careworn out, gloomy denomination banknotes. gamey inflation has since pushed these coins out of circulation. In deep 2008, the Myanmar government announced that newly 50 and 100 kyat coins would be issued. According to newspaper articles, the raw 50 kyat coin would be made of copper, with the usual Burmese lion on the obverse and the Lotus Fountain from Naypyidaw on the reversion. The 100 Kyat mint would be of cupro-nickel and depict the Burmese lion on the obverse and the value on the change by reversal .
Banknotes [edit ]
first kyat [edit ]
No banknotes were issued for this currency .
second kyat [edit ]
The Burma State Bank issued notes for 1, 5, 10 and 100 kyats in 1944, followed by a far 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 with rising sun in background
Mandalay Royal Palace
“Bamar” written in Myanmar language embedded in guilloché pattern
1944
K5
130 × 72 mm
Red
Peacock and “5 kyats” written in Myanmar with rising sun in background
K10
146 × 84 mm
Green
Peacock and “10 kyats” written in Myanmar with rising sun in background
K100
160 × 90 mm
Bright Orange
Peacock and “100 kyats” written in Myanmar with rising sun in background
K100
155 × 95 mm
Dark blue
Peacock and “100 kyats” written over Myanmar “100” numerals with image of Head of State Ba Maw on right
Mandalay Royal Palace in center bordered by Myanmar nāgas with “100” in 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 formed a Currency Board which took over control of the issue of currency and a more significant change to the currentness was the insertion of the decimal system in which 1 kyat was decimalised into 100 pya. [ 13 ] On 12 February 1958, the Union Bank of Burma introduced the foremost kyat notes, in denominations of 1, 5, 10 and 100 kyats. These were very alike in design to the end series of nepalese 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, apparently carried out with the draw a bead on of fighting black marketeering.
The Peoples Bank of Burma took over note production in 1965 with an issue of 1, 5, 10 and 20 kyats notes.
Read more: Wikipedia
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 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
In 1972, the Union of Burma Bank took over note issue, 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 c. 1972 ) under the technical management of the german print firm Giesecke & Devrient. On 3 November 1985, the 50-, and 100-kyats notes were demonetized without admonitory, though the public was allowed to exchange limited amounts of the erstwhile notes for new ones. All early denominations then in circulation remained legal tender. On 10 November 1985, 75-kyats notes were introduced, the odd appellation possibly chosen because of authoritarian general Ne Win ‘s preference for numerology ; the 75-kyats note was purportedly introduced to commemorate his seventy-fifth birthday. It was followed by the introduction of 15- and 35- kyats notes on 1 August 1986. lone two years late, on 5 September 1987, the politics demonetised the 25-, 35-, and 75-kyats notes without warning or compensation, rendering some 75 % of the country ‘s currency despicable 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 favorite number, nine. The resulting economic disturbances led to unplayful riots and finally a coup d’état in 1988 by General Saw Maung .
Banknotes of 50 pya, 1 kyat and 5 kyats are rare. Most casual transactions are rounded up to the nearest 10 kyats .
1989 to present [edit ]
Following the change of the country ‘s diagnose to Myanmar on 20 June 1989, new notes began to be issued, but returning to more useful or practical denominations. This time, the previous notes were not demonetised, but merely allowed to fall into neglect through inflation deoxyadenosine monophosphate well as wear and tear. On 1 March 1990, 1-kyat notes were issued, followed by 200-kyats 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-kyats notes. 1,000-kyats notes were introduced in November 1998. In 2003, rumor of another pending demonetization swept through the nation, resulting in the military junta issuing official denials, but this meter, the demonetization did not materialise. In 2004, the sizes of the 200, 500, and 1,000 kyats notes were reduced in size ( to make all Burmese banknotes uniform in size ) but larger notes were allowed to remain in circulation. 50 pya, 1, 5, 10 and 20 kyats banknotes are now rarely seen, because of their moo value. Followed on 4 January 2020, by new 1000-kyats notes. On 1 October 2009, 5,000-kyats banknotes were issued measuring 150 ten 70 millimeter. Along the top front is written Central Bank of Myanmar in Burmese, and in the center is a ashen elephant. On the back is a video of Pyidaungsu Hluttaw ( Assembly of the Union ) legislature buildings, the Central Bank of Myanmar with “ FIVE THOUSAND KYATS 5000 ” written in English. This new denomination is five times larger than the previous largest denomination. [ 14 ] Public answer has been mixed, with some welcoming a higher measure note reducing the phone number of banknotes which need to be carried. other responses have suggested a widespread fear that this will merely fuel the current rate of inflation, which was supported by a jump in the black market exchange rates following the populace announcement of this variety. [ 15 ] [ 16 ] The Central Bank of Myanmar introduced raw 5,000-kyats banknotes on 1 October 2014 to prevent forge, it reported on 18 September. The revised notes are varnished and have enhancements made to the print, water line, and security weave and is the lapp size, color and design as the 2009 exit, which continues to be used. The new notes will death 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 wide. Police seized eight counterfeit Ks 10,000 bills and a printer allegedly used to make them on 12 September in Yangon ’ s Tamwe Township. [ 17 ] On 9 June 2012, the Central Bank announced that 10,000-kyats notes would be introduced into circulation to better facilitate fiscal transactions in a largely cash-oriented economy. They were issued on 15 June 2012. [ 18 ] [ 19 ] In 2019, the Central Bank of Myanmar issued a raw series of banknotes that feature a portrait of its national champion Aung San after being absent 30 years after the Central Bank of Myanmar issued its current series of banknotes that featured images of the Chinthe and elephants. The first denomination issued for this new series was the 1,000 kyats banknote, which was issued into circulation on 4 January 2020, followed by the 500 kyats banknote on 19 July 2020. [ 20 ] [ 21 ] always since the Third Kyat was introduced, the Myanmar currency has no indication of the date in which the note came into circulation nor the signature of the issue assurance .
Foreign substitute certificates [edit ]
In 1993, Myanmar began issuing alien exchange certificates ( FEC ) in denominations of 1, 5, 10, and 20 kyats. These were exchanged on a parity proportion with the United States Dollar and were valued individually from the regular kyat. conversion of extraneous currency into kyats was made illegal as exchange rates were set artificially high. During much of this time period, two valuations of the Myanmar kyat emerged ; The official rate which averaged around 6 MMK = 1 USD, and the black commercialize rate which averaged tens of times higher. Foreign visitors to Myanmar could entirely transact currency in FEC ‘s or could merely obtain kyats at the artificially high official rates. illegal peddlers often had to be sought out to exchange currentness. On 1 April 2012, the Government of Myanmar began allowing for a oversee float of the kyat and legalised the use and central of alien currencies in Myanmar to better reflect the global exchange rates, attract investment, and to weaken the black markets. On 20 March 2013, the government announced the discontinuance and gradual coitus interruptus of FEC ‘s .
Redesign proposal [edit ]
Following the removal of General Aung San ‘s portraits from the banknotes of the Myanmar kyat in 1987, there have been calls by both the public and opposition politicians to reinstate them, deoxyadenosine monophosphate well as criticizing the habit of animals on banknotes in circulation. Writer Nyi Maung notes that extraneous countries use portraits of their national leaders and heroes on their banknotes, such as Thailand, and encourages the reinstatement of General Aung San ‘s portrayal on the kyat to remember his bequest. In October 2017, a proposal was submitted by National League for Democracy MP Aung Khin Win to debate the issue in the Pyithu Hluttaw. [ 29 ] While the Central Bank of Myanmar argues that the cost of reprinting raw notes bearing the General ‘s portrayal would be massive considering Myanmar ‘s current economic situation, Aung Khin Win stated that new notes would entirely be reprinted to replace damage notes or in the passing of raw denominations or size of kyat banknotes. [ 29 ] The argue on this return took locate in the Pyithu Hluttaw on 17 November 2017. The marriage proposal was wholly rejected by the military bloc, but it was passed with 286 votes for, and 109 against. [ 30 ]
2020 redesign [edit ]
On 21 December 2019, the Central Bank of Myanmar announced that in conjunction with the 72nd anniversary of Myanmar ‘s independence, it would begin circulating 1000 kyat notes bearing the portrait of General Aung San. The bank notes were released to the public on 4 January 2020, marking the render of the national picture ‘s image to the nation ‘s currentness for the first time in thirty years. On 18 June 2020, the Central Bank of Myanmar announced that it would begin circulating 500 kyat notes bearing the portrait of General Aung San on 19 July 2020, in junction with the 73rd anniversary of Martyr ‘s Day. Both the 500 kyat and 1000 kyat bank notes bearing Aung San ‘s portrayal are in coincident circulation with the existing chinthe portrayal depository financial institution notes, which will continue to remain in legal tender .
References [edit ]
Read more: Willem Dafoe