The kyat (US: /ˈtʃɑːt/ or /ˈkjɑːt/;[1] Burmese: ကျပ် [tɕaʔ]; ISO 4217 code MMK) is the currency of Myanmar (Burma).

The black market exchange rates (USD to MMK) decrease during the peak of the tourist season in Burma (December to January).

[7] More than a year after a coup d'état caused the overthrow of the elected government, capital flight from Myanmar and inflation accelerated, causing the value of the kyat to plummet to 3500 kyats per USD in the informal market as of August 2022[update].

The reverse contained the denomination and mint date (in the Burmese era, which starts from AD 638).

In 1966, all coins were redesigned to feature Aung San on the obverse and were all changed in composition to aluminium.

In 1983, a new series of coins was issued in bronze or brass 5, 10, 25, 50 pyas and cupro-nickel 1 kyat.

These coins were intended for vendors and services as an alternative to large amounts of worn out, low denomination banknotes.

50/- coin would be made of copper, with the usual Burmese lion on the obverse and the Lotus Fountain from Naypyidaw on the reverse.

[18] On 12 February 1958, the Union Bank of Burma introduced the first kyat notes, in denominations of K 1/-, Ks.

Ever since the Third Kyat was introduced, the Burmese currency has no indication of the date in which the note came into circulation nor the signature of the issuing authority.

75/- notes were introduced, the odd denomination possibly chosen because of dictator general Ne Win's predilection for numerology; the Ks.

75/- notes without warning or compensation, rendering some 75% of the country's currency worthless and eliminating the savings of millions of Burmese people.

The resulting economic disturbances led to serious riots and eventually a coup d'état in 1988 by General Saw Maung.

Following the change of the country's name to Myanmar on 20 June 1989, new notes were issued, returning to more practical denominations.

Old notes were not demonetised, but simply allowed to fall into disuse through inflation as well as wear and tear.

In 2003, as public trust eroded during the 2003 Myanmar banking crisis,[19] rumours of another pending demonetisation swept through the country, which the junta denied.

[20] Some welcomed a higher value note that reduced the number of banknotes needed for transaction.

This fear may have been supported by a jump in the black market exchange rates following the public announcement of the banknote.

10,000/- notes would be introduced into circulation to better facilitate financial transactions in a largely cash-oriented economy.

[25] In 2019, the Central Bank of Myanmar issued a new series of banknotes that feature a portrait of its national hero Aung San after longstanding calls to redesign the kyat.

20,000/- banknote was announced amidst economic instability from the aftermath of the 2021 Myanmar coup d'état.

The reasoning was not explained, but was likely to commemorate the birth of a white elephant and the construction of the Maravijaya Buddha statue in Naypyidaw.

Conversion of foreign currency into kyats was made illegal as exchange rates were set artificially high.

During much of this period, two valuations of the Myanmar kyat emerged; The official rate which averaged around Ks.

Foreign visitors to Myanmar could only transact currency in FEC's or could only obtain kyats at the artificially high official rates.

On 1 April 2012, the Government of Myanmar began allowing for a managed float of the kyat and legalised the use and exchange of foreign currencies in Myanmar to better reflect the global exchange rates, attract investment, and to weaken the black markets.

Writer Nyi Maung notes that foreign countries use portraits of their national leaders and heroes on their banknotes, such as Thailand, and encourages the reinstatement of General Aung San's portrait on the kyat to remember his legacy.

In October 2017, a proposal was submitted by National League for Democracy MP Aung Khin Win to debate the issue in the Pyithu Hluttaw.

[26] The bank notes were released to the public on 4 January 2020, marking the return of the national icon's image to the country's currency for the first time in thirty years.

500/- notes bearing the portrait of General Aung San on 19 July 2020, in conjunction with the 73rd anniversary of Martyr's Day.