Myanmar Kyat

The kyat (pronounced [jəʔ], also spelt "kyat"; Burmese: ကျပ်; code: MMK) is the currency of Myanmar. It is often abbreviated as "K" (pronounced [tɕáʔ]). The kyat is subdivided into 100 pyas (pronounced [pjá]), although coins denominated in pyas have not been minted since 1959. The official exchange rate for the United States dollar was K 1,370.00 as of 2 April 2012. The first kyat was introduced in 1852, replacing the tical of lower Burma and the peik of upper Burma. The tical and peik had circulated in the Kingdom of Ava since the 13th century. The kyat was initially equivalent to the silver rupee of British India. When Burma was conquered by the British in 1885, the kyat was initially pegged to the British pound at par, and was later linked to the Indian rupee. The kyat was revalued in 1932, when it was pegged to the British pound at a rate of 1 kyat = 1 shilling 6 pence (1s. 6d.). In 1942, the kyat was again pegged to the Indian rupee at a rate of 1 kyat = 2 rupees. After Burma's independence from Britain in 1948, the kyat was initially pegged to the British pound at a rate of 1 kyat = 8 shillings (8s.). The peg was later switched to the U.S. dollar at a rate of 1 kyat = 1.20 dollars. The kyat was devalued in 1964, when it was pegged to the U.S. dollar at a rate of 1 kyat = 1 dollar. The kyat was floated in 1973, and has since been allowed to float freely. The official exchange rate for the U.S. dollar was K 6.45 as of 2 April 2012. The kyat is the currency of Myanmar. It is often abbreviated as "K" (pronounced [tɕáʔ]). The kyat is subdivided into 100 pyas (pronounced [pjá]), although coins denominated in pyas have not been minted since 1959. The official exchange rate for the United States dollar was K 1,370.00 as of 2 April 2012. The first kyat was introduced in 1852, replacing the tical of lower Burma and the peik of upper Burma. The tical and peik had circulated in the Kingdom of Ava since the 13th century. The kyat was initially equivalent to the silver rupee of British India. When Burma was conquered by the British in 1885, the kyat was initially pegged to the British pound at par, and was later linked to the Indian rupee. The kyat was revalued in 1932, when it was pegged to the British pound at a rate of 1 kyat = 1 shilling 6 pence (1s. 6d.). In 1942, the kyat was again pegged to the Indian rupee at a rate of 1 kyat = 2 rupees. After Burma's independence from Britain in 1948, the kyat was initially pegged to the British pound at a rate of 1 kyat = 8 shillings (8s.). The peg was later switched to the U.S. dollar at a rate of 1 kyat = 1.20 dollars. The kyat was devalued in 1964, when it was pegged to the U.S. dollar at a rate of 1 kyat = 1 dollar. The kyat was floated in 1973, and has since been allowed to float freely. The official exchange rate for the U.S. dollar was K 6.45 as of 2 April 2012.