Kyat is the national currency of Myanmar since July 1, 1952. It consists of 100 drunk. Along with the national currency, American dollars are actively used in the country. Previously, they could pay in almost any field, although such actions are officially prohibited at the legislative level. We will tell you today whether the situation has changed now and why some American banknotes are valued more than others.
Myanmar: currency, exchange rate
As of 11/30/2016 for one dollar you can buy 1317 kyats. For one euro - 1396.014, for the pound sterling - 1646.127, and for the Japanese yen - 11.535.
Myanmar: currency, ruble exchange rate
If we consider the ratio with the Russian currency, then this is approximately 20 to 1. As of 11/30/2016 for 1 ruble you can buy 20, 548 kyats.
History
If we talk about what currency is used in Myanmar now, then this, of course, is kyat. This is the historical name of the country's monetary unit. Initially, silver and gold coins were called kyat. They were circulated in then Burma from 1852 to 1889. Kyat at that time consisted of 20 pies, which, in turn, were divided into 4 pies. Silver coin was the equivalent of Indian rupee. From 1889 to 1943, the latter was the official currency of conquered Burma. In 1943, the country was occupied by Japan. In Burma, a rupee-based currency was introduced. Kyat consisted of 100 cents. However, this currency depreciated completely at the end of the war. It was replaced by the Burmese rupee in 1945. Finally, in 1952, a modern type of Kyat was introduced. The rupee was exchanged for it in a ratio of 1 to 1. A decimal system was also converted. The modern currency of Myanmar is 100 pes.
Coins and Banknotes
Myanmar currency has the following denominations: 5, 10, 20, 50, 100, 200, 500, 1000, 5000 and 10000 kyats. The last two banknotes are less common than others. There are also collection notes of 50 piat and 1 kyat. Coins are also in circulation. Among them are the following denominations: 5, 10, 50, and 100 are drunk. Much less often you can see a 1 kyat coin. An interesting fact about the currency of Myanmar is that the banknotes do not have an indication of the year of issue, as well as the institution that printed them.
Currency certificates
They began to be produced in 1993 in denominations of 1, 5, 10 and 20 kyat. They changed at the par rate for US dollars. The exchange of currency certificates for kyats was prohibited by law. Thus, in fact, there were two national currency rates. Travelers could either buy foreign exchange certificates, or exchange dollars for kyat on the black market, where their price was ten times higher. In 2012, the certificate was sent to “controlled swimming”, foreign currency units were banned for it. In March 2013, currency certificates ceased to be issued.
