What is ‘MMK (Myanmar Kyat)’
MMK (Myanmar Kyat) is the national currency of the Republic of the Union of Myanmar, the country formerly known as Burma. One Kyat is subdivided into 100 PYA. However, TL is such a small amount of money they see infrequent use. In writing of the symbol “K” represents a currency.
The currency floats against the US dollar (USD). In may 2018, one United States dollar (USD) is equal to 1351 MMK.
Penetration of OJSC MMK (Myanmar Kyat)’
Today, the application and issuance of Myanmar Kyat (mmk) are carried out exclusively by the Central Bank of Myanmar, the official Central Bank of the country. The first issue cat was in use between 1852 and 1889. This question has both silver and gold coins. During the annexation of the Kingdom between 1824 and 1948, the country used Indian rupee (INR), with the exception of that time in Japan occupied them during World War II. The occupation Currency was circulated by the Japanese became worthless in 1945, and the country once again rupee.
Kyats that is used today, began circulation in 1952, with the replacement on the same level with rupees.
In 1948 the Union Bank of Burma was organized by the Central Bank. Union Bank has formed when it took over the Yangon branches of the reserve Bank of India (RBI). However, the Bank has not claimed responsibility for the currency issue until 1952. Kyats Myanmar domination 5, 10, 20, 50, 100, 200, 500, 1000, 5000, and 10,000 kyats. Coins of 5, 10, 50 and 100 kyats domination.
In 1962, the government nationalized and merged all banks into one, as they turned the country into a socialist the monetary system. By 1988, the economic system of the country shifted back to a market system, and on behalf of the Central Bank changed to the Central Bank of Myanmar. Bank on the stabilization of domestic prices and protect the value of the CMI at the international level.
Measures the Central Bank hopes to reduce the black market currency of kyats. Initially they required tourists to buy at least $200 kyats with any exchange. This policy ended in March 2013. The official exchange rates at MMK sometimes very different from the exchange rate on the black market.
Economic support for Myanmar Kyat
Years of government corruption, mismanagement and isolation have made Myanmar one of the poorest countries in Southeast Asia. The economy depends largely on oil production. Opium production in Myanmar ranked second in the world, and there is an active market for illegal drugs.
In 2014, the conference United Nations on trade and development named the country one of the least developed in the world. This designation occurs with the reduction of tariff and market access to the markets of developed countries. United Nations can end the list by meeting specific requirements, including creating high living standards for its citizens.
The US and the European Union has established trade sanctions against the country because of concerns about human rights. President Obama lifted those sanctions in 2016 to encourage further steps to improve the situation in the country. The penalties were because of the global monitoring for the prosecution and the alleged genocide against the Muslims of Rohingya.
2017 according to data from the world Bank, Myanmar is experiencing an annual gross domestic product (GDP) growth of 6.4% with an annual deflator inflation at 10.2 percent.
A brief history of Myanmar
Republic of the Union of Myanmar, country in Southeast Asia, was known as Burma. In 1989 the government changed the country’s name is Myanmar. However, the adjective Burmese is still used to describe people and things from Myanmar.
Early city-States were United in the Kingdom, which will fragment and reform to a possible unification under the rule of Konbaung in the 18th century. In 1824, great Britain took control of the region and a large influx of Indian workers and soldiers moved into the country. The Burmese resented the British and Indian control over their land and culture, and riots were frequent. The country was in the great battle of the Second World war, and the view of many fierce battles.
In 1948 the country became independent Republic called the Union of Burma. Took the military coup government control in 1962 and continued in force until 2011. Nationalization of business, media, production, Finance and followed Soviet-styled pattern. The government was forcing suppressed any opposition. However, unrest continued and in 1990 free elections, but the military refused to give up power.
By 2007, inflation has led to the Saffron revolution led by Buddhist monk began, but was suppressed by force. The violence brought international condemnation. Series of civil wars and rebellions, then as the power of the military-backed government wavered and dissolved in 2011. Since that time, Myanmar has moved to a system of parliamentary representation.