Burmese kyat

Burmese kyat
(Burmese)
1 kyat (1990) 1000 kyat (2004)
ISO 4217 code	MMK
Central bank	Central Bank of Myanmar
Website	www.cbm.gov.mm
User(s)	Burma
Inflation	3.1%
Source	The World Factbook, 2012 est.
Subunit
1/100	pya
Symbol	K
Coins	1, 5, 10, 25, 50 pyas, K1, K5, K10, K50, K100
Banknotes	50 pyas, K1, K5, K10, K20, K50, K100, K200, K500, K1000, K5000, K10,000

The kyat (Burmese: ကျပ်, pronounced: [tɕaʔ]; ISO 4217 code MMK) is the currency of Burma (Myanmar). 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.

History

First kyat, 1852-1889

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 1 July 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 AD 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 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 from the Second kyat coins and the same reverse design, with the value of the coin in Myanmar writing and numerals surrounded by Myanmar flower designs.

1956-1966 issued coins [1]
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 pya	19.5 mm	3.17 g	Copper-nickel	Plain	Chinthe	Value (digit),Value (writing), year of minting, Myanmar flower designs	1956
		10 pya	19.5 mm	4.46 g	Copper-nickel	Plain		Value (digit),Value (writing), year of minting, Myanmar flower designs	1956
		25 pya	24.1 mm	6.78 g	Copper-nickel	Plain		Value (digit),Value (writing), year of minting, Myanmar flower designs	1956
		50 pya	26 mm	7.8 g	Copper-nickel	Plain		Value (digit),Value (writing), year of minting, Myanmar flower designs	1956
		1 kyat	30.5 mm	11.65 g	Copper-nickel	Plain		Value (digit),Value (writing), year of minting, Myanmar flower designs	1956
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.

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 obverse and the Lotus Fountain from 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
[2]	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
[3]	1 kyat					Chinthe, "Central Bank of Myanmar" and value in Burmese	Bank title and value in English and Arabic numerals	1999
[4]	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
[5]	10 kyats	23.5 mm
[6]	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
[7]	100 kyats	26.8 mm	7.52 g
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.

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

Third kyat

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 issuing of currency and a more important change to the currency was the introduction of the decimal system in which 1 kyat was decimalized into 100 pyas. On February 12, 1958, 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. Later on August 21, 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.

1965 Series
Image		Value	Dimensions	Main Color	Description			Date of issue	Remark
Obverse	Reverse				Obverse	Reverse	Watermark
		K1	115 × 66 mm	Purple and grey	General Aung San	Inle Lake fisherman	Series of semi-circles	April 30, 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 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 c. 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.

A 35 kyat denomination note

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, 5,000-kyat banknotes were issued measuring 150 x 70 mm. Along the top front is written Central Bank of Myanmar in Burmese, and in the center is a white elephant. On the back is a picture of 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. 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 blackmarket exchange rates following the public announcement of this change.

On the 9th of June, 2012, the Central Bank announced that 10,000-kyat notes would be introduced into the circulation to better facilitate financial transactions in a largely cash-oriented economy. They were issued on June 15, 2012.

Ever 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 issuing authority.

The Current Series
Image		Value	Dimensions	Main Color	Description			Date of issue	Remark
Obverse	Reverse				Obverse	Reverse	Watermark
[8]	[9]	50 pyas	110 × 55 mm	Obverse: Purple and orange Reverse: Multicolor	Saung gauk	Guilloché pattern	"BCM"	March 27, 1994
[10]	[11]	K1		Orange	Bogyoke Aung San	Guilloché pattern	Bogyoke Aung San	March 1, 1990
[12]	[13]	K1		Blue-purple	Chinthe	Boat-rowing at Kandawgyi Lake, Yangon	"BCM"	October 31, 1996
[14]	[15]	K5	130 × 60 mm	Brown and blue		Chinlone cane ball game	Chinthe	May 1, 1995
							Chinthe bust over value	1997
[16]	[17]	K10		Purple		A karaweik (royal regalia boat)	Chinthe	May 1, 1995
							Chinthe bust over value	1997
[18]	[19]	K20	145 × 70 mm	Green		People's Park and Elephant Fountain, Yangon	Chinthe bust over value	March 27, 1994
[20]	[21]	K50		Orange-brown		Lacquerware artisan	Chinthe	March 27, 1994
							Chinthe bust over value	1997
[22]	[23]	K100		Blue, green, and pink		Temple renovation	Chinthe	March 27, 1994
							Chinthe bust over value
[24]	[25]	K200	165 × 80 mm	Dark green		Elephant teak-logger	Chinthe	March 27, 1990; 1998	Value below watermark
							Chinthe bust over value
[26]	[27]		150 × 70 mm				Chinthe bust over value	December 11, 2004	Value above watermark
[28]	[29]	K500	165 × 80 mm	Purple and brown		A General Mahabandoola statue being painted	Chinthe	March 27, 1994	Value above watermark
							Chinthe bust over value
[30]	[31]		150 × 70 mm				Chinthe bust over value	October 10, 2004	Value below watermark
[32]	[33]	K1000	165 × 80 mm	Green and purple		Ministry of Finance and Revenue	Chinthe	November 1998	Value above watermark
							Chinthe bust over value
[34]	[35]		150 × 70 mm				Chinthe bust over value	October 11, 2004	Value below watermark
[36]	[37]	K5000	150 × 70 mm	Orange/pink	Elephant	Parliamentary Complex in Naypyitaw	Elephant profile over value	October 1, 2009	Value below watermark
[38]	[39]	K10,000	150 × 70 mm	Blue, red, purple, green, brown and yellow	State Seal of Myanmar	Mandalay Royal Palace Moat	Lotus Flower profile over value	June 15, 2012	Value below watermark

Current MMK exchange rates

From 2001-2012, the official exchange rate 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 standing of the national economy, has varied from 750 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 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.

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 $200 worth of until 2003, a measure used to stop visitors from exchanging on the black market.

References

• Krause, Chester L., and Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th 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.). 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

• Myanmar Kyat Transfer web site in Myanmar kyat.net
• Myanmar Kyat Transfer web site in Myanmar you.com.mm
• Exchange Rate History - U.S. Dollar to Myanmar Kyat
• Exchange Rate History - Singapore Dollar to Myanmar Kyat
• Myanmar Kyats, Myanmar Exchange Rate, Myanmar Currency Converter
• Globex Info Links on the Burmese kyat