The kyat (, or ; ကျပ် ; ISO 4217 code MMK) is the currency of Myanmar (Burma). It is often abbreviated as "K" (singular or plural) or "Ks" (plural), which is placed before or after the numerical value, depending on author preference.
The term kyat derives from the ancient Burmese unit kyattha, equal to 16.3 grams of silver.
From 2001-2012, the official exchange rate varied between 5.75 and 6.70 kyats per US dollar (8.20 to 7.00 kyats per euro). However, the street rate (black market rate), which more accurately took into account the standing of the national economy, has varied from 750 kyats to 1335 kyats per USD (985 to 1475 kyats per EUR). The black market exchange rates (USD to MMK) decrease during the peak of the tourist season in Burma (December to January).
On 2 April 2012, the Central Bank of Myanmar announced that the value of the kyat against the US dollar would float, setting an initial rate of K 818 per US dollar.
On 20 March 2013, the Finance Ministry announced that it would abolish Foreign Exchange Certificates (FEC), which were mandatory for tourists to buy at least US$200 worth of until 2003, a measure used to stop visitors from exchanging on the black market.
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 kyats equal 1 gold kyat. The silver kyat was equivalent to the Indian rupee, which replaced the kyat after Burma was conquered by the British.
When the Japanese occupied Burma in 1942, they introduced a currency based on the rupee. This was later replaced by banknotes in all kyat denominations. This kyat was subdivided into 100 cents. The currency became worthless at the end of the war when the Burmese rupee was reintroduced in 1945.