kyat

The kyat is the official currency of Myanmar (also known as Burma). Its international code is MMK, and it is commonly denoted locally by the symbol Ks or K. The currency is issued and regulated by the Central Bank of Myanmar.

The kyat is subdivided into 100 pya. In practice, pya coins and small-value values are rarely used in everyday transactions, with higher-value kyat banknotes forming the bulk of cash payments. Banknotes are the primary circulating form of the currency, while coins exist but are not commonly encountered in daily commerce.

History and structure: the kyat was introduced in 1952 to replace the Burmese rupee. Since its introduction, the currency has undergone several reforms and redenominations as part of broader monetary and economic policies. For much of the late 20th and early 21st centuries, Myanmar maintained a regime of controlled exchange rates, with official rates often diverging from the rate available on the parallel market.

Economy and usage: in everyday life, the kyat is used for most retail transactions and wages. The level of cash usage is influenced by inflation, exchange-rate policy, and economic reforms, and foreign currencies such as the U.S. dollar are also encountered, particularly in tourism and high-value transactions. In recent years, the Central Bank of Myanmar has pursued liberalization measures at times, but the kyat has historically shown volatility and sensitivity to policy changes and external factors.