The currency of Myanmar(Burma).  Currency code (MMK)

The Myanmar Kyat is the official currency unit of Myanmar. Although the Kyat is subdivided into 100 pyas, pya coins are limited; up to 1,000 Kyat banknotes are mainly used. Though the official exchange rate has remained at 7 Kyats = 1 US Dollar, the Kyat is known for its widely variable rate, going as high as 1,000 Kyats per USD.

Economy

  • The economy of Myanmar consists mainly of its products and services sectors.
  • The agricultural sector contributes the most significant percentage of the GDP. The following highest sectors are manufacturing and processing, livestock, and fishery.
  • The agricultural sector is the economy's core; it accounts for one-third of the GDP and almost half of the foreign exchange earnings.
  • The most significant foreign investments in Myanmar are manufacturing, hotels and tourism, oil and gas, and mining. Singapore is the leading foreign investor.

History

  • The first Kyat was issued in both gold and silver coins in Burma until 1889. Sixteen silver Kyats were equal to 1 gold Kyat. The value of the silver Kyat was similar to the Indian Rupee, which replaced the Kyat when Burma was conquered by the British.
  • The Rupee was introduced when Burma was ruled under the Japanese in 1942. In 1943 the Kyat currency was reintroduced to replace the Rupee. Then the Kyat was unvalued after the end of the war when the Rupee returned to circulation.
  • The current Kyat used in Myanmar was introduced on July 1, 1952, and remained in circulation until 1989. During that time, old banknotes were withdrawn due to inflation and the reduction of their value.