First kyat, 1852-1889
The kyat was a denomination of both silver and gold coinages in
Burma until 1889.
It was divided into 20 pe, each of 4 pya, with the mu and
mat worth 2 and 4 pe, respectively. Nominally, 16 silver kyat equal 1
gold kyat. The silver kyat was equivalent to the
Indian
rupee, which replaced the kyat after Burma was conquered by the British.
Second kyat, 1943-1945
When the Japanese
occupied Burma in 1942, they introduced
a currency based on the
rupee.
This was replaced at par by the kyat in 1943. This kyat was subdivided into 100
cents. The kyat became worthless at the end
of the war when the rupee was reintroduced.
Third kyat, 1952-
The present kyat was introduced on 1 July 1952. It replaced the
rupee
at par. Decimalization also took place, with the kyat subdivided into 100 pya.
Coins
First kyat
In 1852, Mindon,
the second last king of Burma, established the Royal Mint in Mandalay (Central
Burma). The dies were made in Paris. Silver coins were minted in denominations
of 1 pe, 1 mu (2 pe), 1 mat (4 pe), 5 mu (10 pe) and 1 kyat, with gold 1 pe and
1 mu. The obverses bore the Royal Peacock Seal, from which the coins got their
name. The reverse contained the denomination and mint date (in the Burmese era,
which starts from AD 638). In the 1860s and 1870s, lead coins were issued for ⅛
and ¼ pya, with copper, brass, tin and iron ¼ pe (1 pya) and copper 2 pya.
Further gold goins were issued in 1866 for 1 pe, 2½ mu and 1 kyat, with 5 mu
issued in 1878.
Second kyat
No coins were issued for this currency.
Third kyat
In 1956, coins were introduced for 1, 5, 10, 25 and 50 pyas and 1 kyat. The new
coins bore the same obverse figure of the
Chinthe from
the Second kyat coins and the same reverse design, with the value of the coin in
Myanmar writing and numerals surrounded by Myanmar flower designs.
Banknotes
First kyat
No paper money was issued for this currency.
Second kyat
The Burma State Bank issued notes for 1, 5, 10 and 100 kyat in 1944, followed by
a further issue of 100 kyat notes in 1945.
Third kyat
In 1952, the Union Bank of Burma formed a Currency Board which took over control
of the issuing of currency and a more important change to the currency was the
introduction of the decimal system in which 1 kyat was decimalized into 100
pyas.[1]
On February 12, 1958, the Union Bank of Burma introduced the first kyat notes,
in denominations of 1, 5, 10 and 100 kyats. These were very similar in design to
the last series of rupee notes, issued earlier. Later on August 21, 1958, 20 and
50 kyats notes were introduced. The 50 and 100 kyat notes were
demonetized on May 15, 1964. This was the first of
several demonetizations, ostensibly carried out with the aim of fighting
black
marketeering. The Peoples Bank of Burma took over note production in 1965
with an issue of 1, 5, 10 and 20 kyat notes.
In 1972, the Union of Burma Bank took over note issuance, with notes introduced
between 1972 and 1979 for 1, 5, 10, 25, 50 and 100 kyats. The notes were printed
by the Security Printing Works in Wazi, Upper Burma (established c. 1972) under
the technical direction of the German firm Giesecke & Devrient. On November 3,
1985, the 25-, 50-, and 100-kyat notes were demonetized without warning, though
the public was allowed to exchange limited amounts of the old notes for new
ones. All other denominations then in circulation remained
legal
tender. On November 10, 1985, 75-kyat notes were introduced, the odd
denomination possibly chosen because of dictator
Ne Win's
predilection for numerology; the 75-kyat note was supposedly
introduced to commemorate his 75th birthday. It was followed by the introduction
of 15- and 35-kyat notes on August 1, 1986.
Only two years later, on September 5, 1987, the government demonetized the 25-,
35-, and 75-kyat notes without warning or compensation, rendering some 75% of
the country's currency worthless. The resulting economic disturbances led to
serious riots (see 8888 Uprising) and eventually a coup d'état in
1988 by General Saw Maung. On September 22, 1987, banknotes for 45 and
90 kyat were introduced, both of which incorporated Ne Win's favorite number,
nine.
Following the change of the country's name to Myanmar on June 20, 1989, new
notes began to be issued. This time, the old notes were not demonetized, but
simply allowed to fall into disuse through inflation as well as wear and tear.
On March 1, 1990, 1-kyat notes were issued, followed by 200-kyat notes on March
27, 1990. On March 27, 1994, notes for 50 pya, 20, 50, 100, and 500 kyats were
issued, followed, on May 1, 1995, by new 5- and 10-kyat notes. 1,000-kyat notes
were introduced in November 1998.
In 2003, rumours of another pending demonetization swept through the country,
resulting in the junta issuing official denials, but this time the
demonetization did not materialize. In 2004, the sizes of the 200, 500, and
1,000 kyats were reduced in size (to make all Myanma banknotes uniform in size)
but larger notes remain in circulation. 50 pya, 1, and 5 kyat banknotes are now
rarely seen, because of their low value.
On October 1, 2009, 5,000-kyat banknotes were issued measuring 150 x 70 mm.
Along the top front is written
Central Bank of Myanmarr in Burmese, and
in the center is a white elephant. On the back is a picture of the Central Bank
of Myanmar with "FIVE THOUSAND KYATS 5000" written in English. This new
denomination is five times larger than the previous largest denomination.[2]
Public response has been mixed, with some welcoming a higher value note reducing
the number of banknotes which need to be carried. Other responses have suggested
a widespread fear that this will simply fuel the current rate of inflation,
which was supported by a jump in the blackmarket exchange rates following the
public announcement of this change.[3][4]
On the 9th of June, 2012, the Central Bank announced that 10,000-kyat notes
would be introduced into the circulation to better facilitate financial
transactions in a largely cash-oriented economy. They were issued on June 15,
2012.[5][6]
Ever since the Third Kyat was introduced, the Myanmar currency has no indication
of the date in which the note came into circulation nor the signature of the
issuing authority.
History of
Kyat Bank Notes
Under section 8(a) of the Central Bank of Myanmar Law, The Central Bank of
Myanmar is assigned to act as the sole issuer of the domestic currency either
bank notes or coins. As the monetary authority its the central Bank of Myanmar
formulate and implements monetary policy, with the aim to preserve the value of
the Myanmar currency and to promote efficient payments mechanisms..
Before Myanmar gained independence from the British, Myanmar was one of the
states of India. At that time the Myanmar currency was rupee. Both Burmese and
Indian rupees were linked to the Sterling and worth one shilling and sixpence.
The First Schedule of the Currency and Coinage Act of 1946 provided for an issue
of 1,5,10,100 rupees currency notes and the Second Schedule for the Board to
issue its own coins of 20 and 50 rupees. The notes were to have a peacock
watermark, and to be authenticated by the Chairman of the Board. The reverses
illustrated various national occupations, with GOVERNMENT OF BURMA in English
and marked BURMA CURRENCY LEGAL TENDER IN BURMA ONLY.
When Burma gained independence from the British, it became a republic and the
heading on the note was changed to GOVERNMENT OF THE UNION OF BURMA. As the
Burma Currency Board notes increased in number, it was decided to demonetize all
those India notes marked “ Legal Tender in Burma Only “ from 1st July 1948. All
denominations of coins were released into circulation on 20th July 1950.
With the passage of the Union Bank of Burma Act, 1952, the sole right of
currency issued was transferred from the Burma Currency Board to a newly created
Currency Department of the Union Bank of Burma with effect from 1st July 1952.
The Burma Currency Board was abolished and its asset and liabilities were
transferred to the Union Bank of Burma. Another important change in the new
currency is the conversion to a decimal system.
Coins were made in nickel; denominations of ½ , 1,2,4 and 8 pe and all had the
Chinthe (lion) on the obverse, with vale and AD date in wreath on the reverse.
But ½ , 1,2 pe coins were demonetized 1st November 1953. Moreover, the English
name for the unit of currency was changed to kyat and decimalized into 100 pyas
in 1952. Previously, one rupee was equivalent to16 pe (64 pyas). When the unit
of currency was changed one kyat was equivalent to 100 pyas.
When the Union Bank of Burma took over the central bank’s responsibilities, a
token issue of the bank notes was made on 1st July 1952. As already explained,
the new bank notes had the rupee denominations (1,5,10,100 rupees) that was
later connected to kyat. It included peacock water mark. The second issue of
bank notes was made in 1958, all with a portrait of Aung San with a peaked cap.
The 1,5,10 and 100 kyat were introduced on 12th February 1958 (Union Day), and
the 20 and 50 kyat on 21st August. This was the first issue of 20 and 50 kyat
notes made for Burma.
The decimal series of coins order from the Royal Mint constituted of
1,5,10,25,50 pyas and 1 kyat. Those coins have more inscriptions but the Burmese
Lion or Chinthe remains. A start was made at putting them into circulation on
1st October 1952 with the 5 and 10 pyas.
When the revolutionary government took power, it was announced that the high
denominations 50 and 100 kyat notes would no longer be legal tender from 17th
May 1964 and the new People’s Bank of Burma notes of 1,5,10 and 20 kyats were
issued on 30th April 1965, with a portrait of Aung San from his wartime army
days. 20 kyats note issued in 1958 and 1964 was demonetized on 3rd November
1985. The existing notes were to be legal tender until they had been withdrawn
from circulation.
On 30th September 1972 the People’s Bank was renamed the Union of Burma Bank and
25 kyats were issued. All denominations of coins of the former Union Bank of
Burma continued to be legal tender at the time of the 25 kyats note issue. New 1
kyat notes followed on 30th December 1972to circulate alongside People’s Bank 1
kyat and on 30th June 1973 the 10 kyats notes was issued. The 5 kyats note
appeared on 31st October 1973, to circulate alongside People’s Bank and Union
Bank 5 kyats notes. Union of Burma Bank issued and released in circulation 100
Kyats note on 17th April 1976, 50 Kyats on 30th April 1979, 75 Kyats on 11th
November 1985 and 35 Kyats on 1st August 1986 respectively. Moreover, the Union
of Burma Bank issued 45 kyats note and 90 kyats note in 22nd September 1987. 100
Kyats note issued in 1952 was demonetized on 17th May 1964. 100 Kyats that
issued in 1976 and 50 Kyats issued in 1975 were demonetized on 3rd November
1985. Kyats 25, 35 and 75 notes were also withdrawn from circulation on 5th
September 1987.
During 1979 an F.A.O (United Nations Food and Agriculture Organization) 50 pyas
also appeared, as well as 50 kyats note. Both the F.A.O coins are reported to
have been minted at Security Printing Works Factory.
After the State Laws and Order Restoration Council took power in 1988, the
Central Bank of Myanmar issued Lion series and Aung San series was replaced by
gradually. Denominations are 1,5,10,20,50,100,200,500 and 1000 kyats notes and
1,5,10,50 and 100 kyats coins. The color of the 1 kyat coin is bronze color, the
5 and 10 kyats coins are golden yellow color and the 50 and 100 kyats coins are
silver color respectively on 1st October 2009 Central Bank of Myanmar issued new
currency notes of 5000 kyats to easier handling for the people.
According to
Myanmar Directory, which provides accurate estimates of the
black
market (street rate, and hence unofficial), are as follows:
- 1 USD = K 1280 Rates are as of 15
February 2007
- 1 USD = K 1350 Rates are as of 21
September 2007
- 1 USD = K 1325 Rates are as of 15
October 2007
- 1 USD = K 1100 Rates are as of 14
March 2008
- 1 USD = K 1240 Rates are as of 21
October 2008
- 1 USD = K 1130 Rates are as of 1
August 2009
- 1 USD = K 960 Rates are as of 20
November 2009
- 1 USD = K 1040 Rates are as of 21
January 2010
- 1 USD = K 890 Rates are as of 22
October 2010
- 1 USD = K 830 Rates are as of 12
January 2011
- 1 USD = K 823 Rates are as of 11 May
2011
- 1 USD = K 752 Rates are as of 10
August 2011
http://en.wikipedia.org/wiki/Burmese_kyat
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