The kyats is an official currency of Myanmar (Burma) with currency code MMK and symbol K or Ks. The coinage of gold and silver kyat was introduced in 1889; the coin of silver kyat was equal in value to Indian rupee. In 1942, the Japanese occupied Burma and introduced a new currency based on the rupee. Later it was again replaced with kyat, but kyat became of little worth at the end of the war and in 1945 Burmese rupee was restored.
Present-day Myanmar (Burma) Kyats was introduced on 1st July 1952 by replacing the rupee at par. The first official series of coins was issued in 1956 in denominations of 1, 5, 10, 25, 50 pyas and 1 kyat. A new series of brass and bronze coins were introduced in 1983 in denominations of 5, 10, 25 and 50 pyas.
The Burma State Bank issued the first series of Myanmar (Burma) Kyats banknotes in 1944 in denominations of 1, 5, 10 kyats and the note of 100 kyats was added in 1045. In 1952, the Union Bank of Burma took over the responsibility of issuing currency with new features. In 1965, the Peoples Bank of Burma took over the production of money and issue notes of 1, 5, 10 and 20 kyats.
In 1972, the Union of Burma Bank again took over the responsibility to issue currency. The banknotes of 1, 5, 10, 25, 50 and 100 kyats were introduced between 1972 and 1979. Printing Works printed all notes in Wazi under the direction of Giesecke & Devrient, a German printing firm.
The banknote of 10,000 kyats was introduced on 15th June 2012 better to facilitate financial transactions in a mainly cash-oriented economy, while banknote of 5,000 was introduced on 1st October 2014. The current series of Myanmar (Burma) Kyats banknotes and coins generally in circulation include:
Banknotes:
Frequently used K50, K100, K200, K500, K1000, K5000, K10, 000.
Rarely used 50 pyas, K1, K5, K10, K20.
Coins:
Rarely used K1, K5, K10, K50, and K100.