The kyat (Burmese: ; MLCTS: kyap, IPA: [dʒɛʔ] or IPA: [tʃɛʔ]; ISO 4217 code MMK) is the currency of Myanmar/Burma. It is often abbreviated as "K", which is placed before the numerical value.

History
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
The present kyat was introduced on July 1, 1952. It replaced the rupee at par. Decimalization also took place, with the kyat subdivided into 100 pya.

Third kyat, 1952-

Coins
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 A.D. 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.

First kyat
No coins were issued for this currency.

Second kyat
In 1952, coins were introduced for 1, 5, 10, 25 and 50 pya and 1 kyat. 1 pya coins were last minted in 1966, with the 5 pya last minted in 1987 and the 10, 25 and 50 pya in 1991. In 1999, a new series of coins was issued in denominations of 1, 5, 10, 50 and 100 kyats.

Third kyat

Banknotes
No paper money was issued for this currency.

First 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.

Second kyat
In 1953, 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 the same year. In 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, ostensible 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.
1973 5 kyat banknote
1972 25 kyat banknote
1976 100 kyat banknote
In 1972, the Union Bank resumed note production, with notes introduced between 1972 and 1979 for 1, 5, 10, 25, 50 and 100 kyats. On November 3, 1985, the 50 and 100 kyat notes were again demonetized. Soon after, new kyat notes were introduced in the unusual denominations of 15, 35 and 75 kyats, possibly chosen because of dictator Ne Win's predilection for numerology; the 75 kyat note was introduced on his 75th birthday. Smaller denominations remained legal tender and each family was, in theory, given up to 5000 kyat as compensation.
1986 35 kyat banknote
1985 75 kyat banknote
1987 90 kyat banknote, face of Saya San
Only two years later, on September 5, 1987, the government demonetized the 25, 35 and 75 kyat notes without prior warning, rendering some 75% of the country's currency worthless. Banknotes for 45 and 90 kyat were introduced, both of which incorporated Ne Win's favorite number, 9. The resulting economic disturbances led to serious riots (see 8888 Uprising) and eventually a coup in 1988 by General Saw Maung.
Following the change of the country's name to Myanmar, 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. In 1990, 1 kyat notes were issued, followed the next year by 200 kyat notes. In 1994, notes for 50 pya, 20, 50, 100 and 500 kyats were issued, followed, in 1996, by new 1, 5 and 10 kyat notes. 1000 kyat notes were introduced in 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 materialise. In 2004, the sizes of the 200, 500 and 1000 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.

Current MMK exchange rates

Economy of Myanmar