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In 1993, Myanmar began issuing foreign exchange certificates (FEC) denominated in US dollars in denominations of $1, $5, $10, and $20. These were exchanged on a parity ratio with and were valued separately from the regular kyat. Conversion of foreign currency into kyats was made illegal as exchange rates were set artificially high.
Present currency ISO 4217 code Country or dependency (administrating country) Currency sign ... Kyat [56] MMK Myanmar: K [56] [57] Pya [56] Nepalese rupee [58] NPR
Black market rates for the kyat have for years been significantly higher than the reference rate of Myanmar's central bank, currently set at 2,100 kyat per doll Myanmar junta arrests dozens in bid ...
Exchange rates: kyats per US dollar – 1,205 (2008 est.), 1,296 (2007), 1,280 (2006), 5.82 (2005), 5.7459 (2004), 6.0764 (2003) note: unofficial exchange rates ranged in 2004 from 815 kyat/US dollar to nearly 970 kyat/US dollar, and by year end 2005, the unofficial exchange rate was 1,075 kyat/US dollar; data shown for 2003–05 are official ...
In August, the Central Bank of Myanmar tried tethering the kyat 0.8% either side of its reference rate against the dollar, but gave up on Sept. 10 as pressure on the exchange rate mounted.
Myanmar kyat This page was last edited on 22 September 2019, at 01:18 (UTC). Text is available under the Creative Commons Attribution-ShareAlike 4.0 ...
The rupee was replaced by the kyat in 1943. In 1945, the Japanese occupation currency was declared worthless and Burma reverted to using Indian coinage and its own rupee paper money, with the pre-war value of the Burmese rupee restored. Following independence in 1948, Burma introduced its own rupee currency, consisting of coins and banknotes.
The Union Bank of Burma was opened at the corner of Merchant Road and Sule Pagoda Road and had the sole right to issue currency for the country. In 2013, the Central Bank of Myanmar became an autonomous and independent regulatory body by the Central Bank of Myanmar Law, which was enacted by the Myanmar parliament.