Myanmar Kyat Money: History, Types, and Conversion

The Myanmar Kyat is the official currency of Myanmar, also known as Burma. It's been the country's currency since 1952.

The Kyat is subdivided into 100 pyas, although pyas are no longer used as a separate currency unit. This is a result of a currency reform in 2003.

To give you a better idea of the Kyat's value, the exchange rate is around 1 USD to 1,900 to 2,000 Kyat, depending on the exchange rate at the time of your visit.

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The kyat has a rich history that spans over a century. It was first introduced in 1852 as a gold and silver coin, with a value equivalent to the Indian rupee.

The British controlled Burma from 1824 to 1948, and during this time, the silver kyat was considered equivalent to the Indian rupee. The kyat was divided into 16 pe, each of 4 pya, with the mu and mat worth 2 and 4 pe, respectively.

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In 1942, the Japanese occupied Burma and introduced their own currency based on the rupee, which was later replaced by banknotes in all kyat denominations. This kyat was subdivided into 100 cents.

The present kyat was introduced on 1 July 1952, replacing the rupee at par and decimalisation took place, with the kyat subdivided into 100 pyas.

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The MMK, or Myanmar Kyat, has a rich history that spans over a century. It was first introduced in 1852.

Initially, the kyat consisted of gold and silver coins. The British, who were in control of the country between 1824 and 1948, considered silver coins equivalent to the Indian rupee.

In 1942, the Japanese occupied the country and introduced their own currency, although it was quickly abandoned following their departure in 1945. The Union Bank of Burma acted as the central bank from 1948 to 1952.

The Union Bank formed when it assumed the Yangon branches of the Reserve Bank of India, but it didn't take on the responsibility of issuing currency until 1952. The Myanmar kyat has denominations of 5, 10, 20, 50, 100, 200, 500, 1000, 5000, and 10,000 kyats.

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Coins are issued in denominations of 5, 10, 50, and 100 kyats. The version of the kyat that continues to be used today began circulation in 1952.

Initially, it was valued at par with the rupee, although its value has since declined substantially. The silver kyat was equivalent to the Indian rupee, which replaced the kyat after Burma was conquered by the British.

The present kyat was introduced on 1 July 1952 and replaced the rupee at par. It was also decimalized, with the kyat subdivided into 100 pyas.

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The Second Kyat was introduced in 1943 and lasted until 1945. It was a currency based on the rupee.

The Japanese occupation of Burma in 1942 led to the introduction of this new currency. The Second Kyat was subdivided into 100 cents.

The Second Kyat was later replaced by banknotes in all kyat denominations. The Japanese had introduced this currency as a replacement for the rupee.

The Second Kyat became worthless at the end of the war, when the Burmese rupee was reintroduced in 1945.

The Burmese kyat has undergone many changes over the years, resulting in various types of notes being issued.

There were no banknotes issued for the kyat currency until 1944, when the Burma State Bank issued notes for K1/-, Ks.5/-, Ks.10/-, and Ks.100/-.

In 1958, the Union Bank of Burma introduced the first kyat notes, which included denominations of K1/-, Ks.5/-, Ks.10/-, and Ks.100/-, similar in design to the last series of rupee notes.

The first kyat notes were followed by the introduction of Ks.20/- and Ks.50/- notes on August 21, 1958. The Ks.50/- and Ks.100/- notes were demonetized on May 15, 1964, allegedly to combat black marketeering.

Here is a list of some of the notable kyat note denominations:

In Myanmar, coins have been a vital part of the country's currency system for many years.

The first coins introduced in 1952 were made of bronze, cupronickel, and aluminum, with denominations ranging from 1 pya to 1 kyat. The 1 pya coin was last minted in 1966, while the 5 pya coin was last produced in 1987.

A new series of Myanma coinage was introduced in 1999, featuring a bronze 1 kyat, brass 5 and 10 kyat, and cupronickel 50 and 100 kyat coins. However, these new coins were never issued.

Commemorative coins were first introduced in 1975 to mark the Food and Agriculture Organization (FAO), with the 50 pya and 1 kyat coins being the first to be minted.

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The Burmese kyat has a complex history when it comes to banknotes, with various denominations being introduced and demonetized over the years.

The first series of kyat banknotes was issued by the Union Bank of Burma in 1953, with denominations of 1, 5, 10, and 100 kyat. These notes were similar in design to the final series of rupee notes.

In 1958, a new series of kyat banknotes was introduced, featuring denominations of 20 and 50 kyat. This was followed by the demonetization of the 50 and 100 kyat banknotes in 1964.

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The People's Bank of Myanmar took over note production in 1965, introducing an issue of 1, 5, 10, and 20 kyat notes.

The Union of Burma Bank introduced new banknotes with denominations of 1, 5, 10, 25, 50, and 100 kyats between 1972 and 1979. These notes were printed by Security Printing Works in Wazi under direction from the German firm Giesecke & Devrient.

In 1985, the 25, 50, and 100 kyat banknotes were removed from circulation without warning, while the 75 kyat notes were introduced on November 10, 1985.

The 15 and 35 kyat notes were introduced on August 1, 1986, but were demonetized in 1987 without warning or compensation. This led to economic disturbances and national factors that resulted in serious riots and a coup d'état by Saw Maung in 1988.

Here are some key dates in the history of Burmese kyat banknotes:

If you're planning a trip to Myanmar, you'll need to know how to convert the local currency, the kyat, to US dollars. The official exchange rate has varied between 5.75 and 6.70 kyats per US dollar since 2001.

To convert kyats to US dollars, you can use a currency converter. Simply type in the box how much you want to convert, select MMK as the currency you want to convert and USD as the currency you want to convert to, and the converter will show you the current MMK to USD rate.

The black market rate, which is often more accurate, has varied from 750 to 1335 kyats per US dollar. This rate typically decreases from December to January, during the peak of the tourist season.

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The kyat has faced significant instability in recent years. The Central Bank of Myanmar has taken measures to curtail the black market exchange of kyats, but the official exchange rates have sometimes varied greatly from the currency's exchange rate on the black market.

The value of the kyat has ranged between roughly $850 kyat and $1,408 kyat for every 1 USD between March 2013 and February 2021. This reflects the poor purchasing power of the kyat, which is one of the poorest countries in Southeast Asia.

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A redesign of the kyat was proposed in 2017, but it was wholly rejected by the military bloc. The proposal was to reprint new notes bearing the General's portrait, but the Central Bank argued that the cost would be monumental considering Myanmar's current economic situation.

The black market exchange rates (USD to MMK) have decreased during the peak of the tourist season in Burma (December to January). This is likely due to increased demand for kyat banknotes during this time.

Here are some key statistics on the kyat's exchange rates:

The MMK, or Myanmar Kyat, has a history of instability. The central bank has taken measures to curtail the black market exchange of kyats, including requiring tourists to purchase at least $200 worth of kyats with any exchange, which ended in 2003.

Official exchange rates for the kyat have sometimes varied greatly from the currency's exchange rate on the black market. Between March 2013 and February 2021, the value of the kyat has ranged between roughly $850 kyat and $1,408 kyat for every 1 USD.

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The poor purchasing power of the kyat reflects the fact that Myanmar is one of the poorest countries in Southeast Asia. Its economy depends on commodity exports, with petroleum and opium being among its largest exports.

The black market exchange rates (USD to MMK) decrease during the peak of the tourist season in Burma (December to January). During the 2003 Myanmar banking crisis, the kyat's black market rate appreciated when distrust in kyat-deposited banks increased demand for kyat banknotes.

At its peak, the kyat traded for as high as Ks.850/- per USD. The Central Bank of Myanmar announced that the value of the kyat against the US dollar would float, setting an initial rate of Ks.818/- per US dollar on 2 April 2012.

Here is a summary of the MMK's instability:

The value of the kyat has plummeted significantly in recent years, causing economic instability in the country.

The redesign proposal for the kyat banknotes in Myanmar was a contentious issue. It was debated in the Pyithu Hluttaw on 17 November 2017.

The Central Bank of Myanmar argued that reprinting new notes bearing the General's portrait would be too costly. The cost would be monumental, considering Myanmar's current economic situation.

Aung Khin Win, however, stated that new notes would only be reprinted to replace damaged notes or in the release of new denominations or size of kyat banknotes.

The proposal was passed with 286 votes for, and 109 against. It was wholly rejected by the military bloc.

Here are some key facts about the redesign proposal:

The kyat is Myanmar's official currency, introduced in 1952 as a replacement for the rupee.

It's named after the Burmese word for "bird", and its symbol is ₱.

The kyat is subdivided into 100 pyas, although pyas are no longer commonly used.

The kyat has undergone several revaluations, with the most recent one taking place in 2011.

Myanmar's national currency is the Myanmar Kyat (MMT). It was introduced in 1952.

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The country's history has had a significant impact on its economy. Myanmar was a British colony between 1824 and 1948 and was a major battlefield during the Second World War.

Here are some key facts about the Myanmar Kyat:

Myanmar is one of the poorest countries in Southeast Asia today.