MMK (Myanmar Kyat)

DEFINITION of 'MMK (Myanmar Kyat)'

The currency abbreviation for the Myanmar kyat (MMK), the currency for Myanmar. The Myanmar kyat is made up of 100 pya and is often presented with the symbol K. Pya coins are very rare, but notes up to 1,000 kyat are commonly used.

BREAKING DOWN 'MMK (Myanmar Kyat)'

The Burmese kyat replaced the Indian rupee at par in 1952, but for many years a strong black market for the new currency forced the government to demonetize several times. In May of 1964, the 50 and 100 kyat notes were demonetized, and in 1985 the 20, 50, and 100 kyat notes were demonetized. The last demonetization occurred in 1987, when the government demonetized the 25, 35, and 75 kyat notes, rendering three quarters of the country's currency valueless.

The modern Myanmar kyat was introduced in 1989 without a demonetization of the prior currency and is still in use today.

RELATED TERMS
  1. MMK

    In currencies, this is the abbreviation for the Myanmar Kyat. ...
  2. Demonetization

    Demonetization is the act of stripping a currency unit of its ...
  3. PHP (Philippine Peso)

    The currency abbreviation or currency symbol for the Philippine ...
  4. INR (Indian Rupee)

    The currency abbreviation or currency symbol for the Indian rupee ...
  5. Currency

    Currency is a generally accepted form of money, including coins ...
  6. NZD

    In the currency market, this is the abbreviation for the New ...
Related Articles
  1. Retirement

    Can You Retire in Myanmar Yet?

    A stash of $200,000 could go a long way in Myanmar (Burma). But for now, it's a place for retirees to visit, not settle down.
  2. 401 (K) Spring Clean Up

    Spring cleaning isn't only for homes. Your 401 (K) could use an overhaul to ensure you aren't overpaying.
  3. Stock Analysis

    MTN Group Has The Growth, But Ample Uncertainties

    Regulation and economic uncertainty up the risks, but MTN Group is an investment highly levered to Africa's growth.
  4. Options & Futures

    Why Gold Is No Longer the Currency King

    Although a gold standard seems like a good idea, looking at its role in U.S. history reveals that it may not be the beacon of stability that it claims.
  5. Forex Education

    Forex Tutorial: Reading a Forex Quote and Understanding the Jargon

    One of the biggest sources of confusion for those new to the currency market is the standard for quoting currencies. In this section, we'll go over currency quotations and how they work in ...
  6. Forex Education

    Are $1 Coins A Better Option Than $1 Bills?

    We look at how much the government could save if it took $1 bills out of circulation.
  7. Economics

    How Currency Works

    Currency offers key advantages over economies based on direct trade. It provides sellers with a broader market for their goods and services, and provides a durable asset with which people can ...
  8. Term

    Why Countries Keep Reserve Currency

    Central banks and financial institutions hold large amounts of foreign money as their reserve currency.
  9. Forex Education

    Top 5 Hardest-Hit Currencies

    The value of a country's currency is dependent on many factors that will cause it to fluctuate, relative to other world currencies.
  10. Forex Fundamentals

    The Effects Of Currency Fluctuations On The Economy

    Currency fluctuations are a natural outcome of the floating exchange rate system that is the norm for most major economies. The exchange rate of one currency versus the other is influenced by ...
RELATED FAQS
  1. Why is the U.S. dollar shown on the top of some currency pairs and on the bottom ...

    All currencies are traded in pairs. The first currency in the pair is called the base currency while the second is called ... Read Answer >>
  2. What is foreign exchange?

    Foreign exchange, or Forex, is the conversion of one country's currency into that of another. In a free economy, a country's ... Read Answer >>
  3. Is there a world currency? If so, what is it?

    There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has ... Read Answer >>
  4. What are key economic factors that can cause currency depreciation in a country?

    Read about the causes of currency devaluation, and find out how to differentiate between relative and absolute currency devaluation. Read Answer >>
  5. What types of companies benefit from reporting results utilizing constant currencies ...

    Understand constant currency figures, and explore some of the reasons why a company is likely to benefit from reporting using ... Read Answer >>
  6. How are international exchange rates set?

    International currency exchange rates display how much one unit of a currency can be exchanged for another currency. Currency ... Read Answer >>
Hot Definitions
  1. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  2. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  3. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  4. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  5. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  6. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
Trading Center