Kyat
| Kyat | |
|---|---|
 |
|
| Country: |
 Myanmar
|
| Subdivision: | 100 pyas (P) |
| ISO 4217 code : | MMK |
| Abbreviation: | K |
|
Exchange rate : (29 Mar 2020) |
1 EUR = 1,554.9 MMK 1 CHF = 1,444.9 MMK |
The kyat [ tʃʌt ] ( Burmese 
) is the currency of Myanmar (Burma).
history
The first kyat circulated in Burma from the 19th century until 1889, while the second kyat was in circulation during the Japanese occupation of Burma . The (third) kyat has been the official currency since July 1, 1952, when the Union Bank of Burma succeeded the Burma Currency Board . The Indian rupee was previously the currency (1886 to 1939), and on April 1, 1937, Burma began to issue the Burmese rupee , initially in currency union with India .
In 1964 the then circulating banknotes of 50 and 100 kyat were canceled by General Ne Win without the right to exchange. In 1985 the 100 kyat notes that were in circulation at that time were withdrawn from circulation. The unusual values of 90 and 45 kyat were reissued in 1987 after the overnight devaluation of the equally unusual note values of 75, 35 and 25 kyat, which had been in circulation since 1985. The denominations of 90 and 45, both numbers that are divisible by 9, were the result of the superstition of the then ruler General Ne Win , who viewed the number nine as his personal lucky number.
The banknotes of 500, 100, 50 and 20 kyat as well as the 50 pya note were first put into circulation on March 27, 1994. March 27 is Armed Forces Day .
On October 1, 2004 the government announced the issue of new 1000, 500 and 200 kyat banknotes. In terms of appearance, they correspond to the notes already circulating, but at 15 × 7 cm they are smaller than the previous ones.
The military government tried to counteract the extensive black market by compulsory exchange for foreign tourists. For this purpose, you received Foreign Exchange Certificates (FEC) on entry , which were denominated in US dollars . The minimum exchange was US $ 200, a return of unused FECs was not possible. In August 2003, the compulsory exchange was abolished and with it, in fact, the existence of the FEC. The actual kyat rate used in the country in November 2005 was around 1200 kyat / euro. After the military announced the five-fold increase in salaries for civil servants, the rate rose to over 1,500 kyat / euro in early April 2006. In September 2006, the black market exchange rate of 1630 kyat / euro and 1330 kyat / US dollar was common in the former capital Yangon . In other parts of the country - especially the touristy - there was also a black market, but the rate was somewhat lower.
On October 1, 2009, the new 5000 kyat note went into free circulation for the first time. This is decorated with an Indian elephant on the front and buildings on the back.
On April 2, 2012, the Central Bank of Myanmar announced that it would release the kyat rate and set a starting rate of 818 kyat per US dollar. As a result, the central bank announced the issue of 10,000 kyat bills to facilitate economic transactions. The 10,000 kyat note was issued on June 15, 2012. On the front you can see a coat of arms with two Indian elephants, on the back there is the Mandalay Palace with water reflection.
On March 20, 2013, the Ministry of Finance announced that the Foreign Exchange Certificates (FEC) would be abolished.
literature
- Chester L. Krause, Clifford Mishler: Standard Catalog of World Coins: 1801-1991. 18th edition. Krause Publications, 1991, ISBN 0-87341-150-1 .
- Chester L. Krause, Clifford Mishler: 2004 Standard Catalog of World Coins: 1901 – Present. 31st edition. Krause Publications, 2003, ISBN 0-87349-593-4 .
- Albert Pick: Standard Catalog of World Paper Money: General Issues. 7th edition. Krause Publications, 1994, ISBN 0-87341-207-9 .
- George S. Cuhaj: Standard Catalog of World Paper Money: Modern Issues 1961-Present. 12th edition. Krause Publications, 2006, ISBN 0-89689-356-1 .
Web links
- Series of Bank Notes and Coins. On cbm.gov.mm, the website of the Central Bank of Myanmar. Retrieved February 19, 2016.
- New Myanmar kyat note. In: Today in Myanmar , September 25, 2009. Retrieved February 19, 2016.
Individual evidence
- ↑ Myanmar new 5,000-kyat note confirmed. From banknotesews.com, October 9, 2009. Retrieved February 19, 2016.
- ↑ Burma sets currency exchange rate as it floats the kyat. In: BBC News , April 2, 2012. Retrieved February 19, 2016.
- ↑ Myanmar new 10,000-kyat note confirmed. From banknotesews.com, June 17, 2012. Retrieved February 19, 2016.
- ↑ Myanmar phases out dollar surrogate. From investvine.com, March 21, 2013. Retrieved February 19, 2016.
