Kyat


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Kyat

The currency of Burma (or Myanmar). It was introduced in 1953, replacing the Burmese rupee. The Burmese government has been known to follow unusual policies with regard to printing money. For example, it introduced 45 and 90 kyat banknotes in 1987 because they both incorporated a leading general's favorite number (nine). Also in 1987, the government demonetized the 25, 35 and 75 kyat banknotes without warning. This led to a general uprising because those notes composed three-fourths of the currency in circulation.
References in periodicals archive ?
5 kyat (K) to the US dollar, whereas the open market exchange rate ranges from about K900 to K1000 to the US dollar (Soe 60).
While the dollar buys about 6 kyat at the official exchange rate, the black market rate is about 300 kyat.
Paid up capital for incorporation of a company must be a minimum of 300,000 kyats for a service company and 1,000,000 kyats for a manufacturing company.
At the same time, the exchange rate on the black market -- which has been more or less under control since 2012 -- shot up to more than 1,100 kyat to the US dollar.
The International Monetary Fund cautioned in a report this month that the kyat had been overvalued by as much as 40 percent this year, and that any further rise could hurt the economy.
Inflation remains elevated and there are pressures from rapid money and credit growth, kyat depreciation and possible electricity price hikes.
When these businesses cashed in their FEC for kyat, the local currency, they received less money than the bills were worth.
That would be followed over the next 12 months by a managed currency float of the kyat and the introduction of an interbank currency market, which would allow authorities to intervene and influence the rate.
President Thein Sein in a speech broadcast Thursday said the dollar has fallen from 800 kyat to 750 kyat, dealing a blow to Myanmar's exporters.
Other drugs that are abused in Zambia include heroin, cocaine, and kyat.
We are investing approximately 30,000 kyat (5,000 U.
A directive that would make it mandatory that all local transactions be completed in Myanmar kyat will be issued by the end of this year.