NationMaster - Encyclopedia: Kyat

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. ISO 4217 is an international standard describing three letter codes to define the names of currencies established by the International Organization for Standardization (ISO). ... A £20 Ulster Bank banknote. ...

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).

The United States dollar is the official currency of the United States. ... The euro (€; ISO 4217 code EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. ...

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 British Empire in 1897, marked in pink, the traditional colour for Imperial British dominions on maps. ... The Indian Rupee is the official currency of India. ... April 1 is the 91st day of the year (92nd in leap years) in the Gregorian calendar, with 274 days remaining. ... 1937 was a common year starting on Friday (link will take you to calendar). ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km (over 11 miles) into the air. ...

The Burmese kyat was introduced on July 1, 1952 when the Union Bank of Burma replaced the Burma Currency Board. July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ... 1952 was a leap year starting on Tuesday (link will take you to calendar). ...

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. Legal tender is payment that cannot be refused in settlement of a debt. ... The black market is the sector of economic activity involving illegal economic dealings, typically the buying and selling of merchandise illegally. ... May 15 is the 135th day of the year in the Gregorian Calendar (136th in leap years). ... 1964 was a leap year starting on Wednesday (link will take you to calendar). ... November 3 is the 307th day of the year (308th in leap years) in the Gregorian Calendar, with 58 days remaining. ... 1985 is a common year starting on Tuesday of the Gregorian calendar. ... Ne Win Bo Ne Win (May 24, 1911 - December 5, 2002) (born Shu Maung) was a Burmese military commander and ruler of the country from 1962 until 1988. ... Numerology is an arcane study of the purported mystical relationship between numbers and the character or action of physical objects and living things. ... Legal tender is payment that cannot be refused in settlement of a debt. ...

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 1988 coup by General Saw Maung. September 5 is the 248th day of the year (249th in leap years). ... 1987 is a common year starting on Thursday of the Gregorian calendar. ... 1988 is a leap year starting on a Friday of the Gregorian calendar. ... Saw Maung (1928 1997) was a political figure in Myanmar. ...

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. 1989 is a common year starting on Sunday of the Gregorian calendar. ... 2003 is a common year starting on Wednesday of the Gregorian calendar. ...

External Links

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