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.