Myanmar’s official currency is the kyat, abbreviated MMK. One kyat is nominally divided into 100 pyas, though in practice pyas have become negligible. The kyat is issued by the Central Bank of Myanmar and is used for all legal transactions nationwide. (For context, Myanmar’s population is around 55 million.) In everyday life, cash is king – you will need kyat for street markets, shops and most local services. High-denomination US dollars and Chinese yuan also circulate informally, especially in business deals, because the kyat has been unstable. In practice, many prices in bigger cities are quoted in kyat, but some tourist and wholesale sectors quote USD or accept it at a poorer exchange rate.
Using Myanmar’s currency
In Myanmar, almost all routine purchases are made in kyat. ATMs (often 24-hour) dispense only kyat notes, and cards are accepted only at a few upscale hotels or retailers. Outside Yangon and Mandalay, card facilities are rare, so visitors should plan to exchange currency on arrival. Smaller shops, restaurants and taxi drivers expect kyat. Even when a vendor quotes a price in USD, they will usually insist on giving change in kyat (and often at a less-favourable rate). In short, having kyat cash on hand is essential for daily life, similar to how travellers in Thailand carry baht or in the UAE use dirhams.
Foreign currency use
Despite the kyat being official, foreign currencies are widely used in practice. The US dollar is especially common – some businesses and traders quote prices in dollars, and large transactions (property, imports, tuition fees) may be settled in USD or yuan. This dual usage reflects the kyat’s recent volatility.
The government has tried to promote kyat transactions (for example, requiring businesses to convert foreign receipts at official rates), but enforcement is spotty. Sanctions on Myanmar’s financial system have also limited regular banking, so informal exchange networks have grown. Visitors can obtain better rates by converting larger currencies to kyat at banks or licensed exchangers, and then using the local notes for payment.
The kyat’s origins and symbol
The word kyat comes from the Burmese word for a copper or silver coin weight. Modern kyat coins and notes often feature Burmese cultural symbols. For example, older coins and some banknotes bear the chinthe (the mythical Burmese lion), and modern notes depict local landmarks, historical figures and scenes. The ISO currency code “MMK” is used internationally for the kyat, and the symbol is typically written as “K” (e.g. K5,000 for five thousand kyat). There is no special currency symbol beyond this; in print, you will see Myanmar kyat abbreviated “MMK” or as “Ks.” in local style.
Historically, Myanmar’s currency system changed after independence. The first kyat was introduced in 1852 under King Mindon Min, but after British rule, it was replaced by the rupee. The modern kyat was reintroduced in 1952 (at par with the rupee) and decimalised into 100 pyas. For decades, coins denominated in pyas were minted (for example, 1-pya, 5-pya, 10-pya coins), but inflation eroded their value, and the last 1-pya coins were minted in 1966. Today, coins are rarely used; the smallest practical units in circulation are 50-pya or 1-kyat coins, but even these are seldom seen in everyday trade.
Banknotes, coins and issuance
Kyat banknotes are printed by the Central Bank of Myanmar. Current notes come in 50, 100, 200, 500, 1,000, 5,000 and 10,000 kyat denominations. (A 20,000-kyat note was introduced in mid-2023, partly to cope with inflation, but it is a relatively recent addition.) Each note carries Burmese inscriptions, the denomination in numerals and Myanmar script, and often a portrait of a national figure or a historical scene on the front, with buildings, symbols or landscapes on the back. For example, older 5,000-kyat notes feature a crowned white elephant (a national emblem) and Burmese text. Banknotes for 50 through 500 kyat are still produced, but in practice, most day-to-day transactions involve the 1,000- and higher-kyat notes due to price levels.
Coins of small value technically exist (e.g. 1-, 5-, 10-kyat coins), but these have very low purchasing power. In practice, few vendors accept coins, and most cash payments are made with notes. The Central Bank may still mint occasional coins or withdraw old notes, but the cash economy today runs on paper bills. By law, the Central Bank of Myanmar has the sole authority to issue currency, and it periodically releases new designs. For example, a redesign of the 500- and 1,000-kyat notes was announced in 2022, adding security features.
Recent trends
Since the 2021 coup and ensuing turmoil, the kyat has sharply depreciated. Prior to 2021, one US dollar was worth roughly 1,300–1,400 kyat. After the coup, capital flight and political uncertainty made the kyat plunge. By mid-2022, the kyat traded around 3,500–4,000 per USD on the parallel market, and by late 2023, it was about 3,900 per USD. By early 2024, reports indicated around 5,000 kyat per dollar in the black market. (In contrast, the official government rate was often pegged at about 2,100 kyat per USD, though this disparity meant two very different rates coexisted.)
This devaluation means that imported goods have become much more expensive, and any dollar-denominated savings in Myanmar have grown in local terms. The volatility drove people to hold foreign cash; this was so extreme that in mid-2023 the military government banned unauthorised possession of foreign currency and forced large holders to sell dollars at the official 2,100 rate. In effect, citizens trying to buy USD had to pay a steep fee in kyat via third parties.
Soaring inflation
The fall of the kyat has been accompanied by high inflation. According to the World Bank, consumer prices rose roughly 29% year-on-year by mid-2023. (This followed earlier spikes: for example, between 2021–2023, inflation was reported at around 14–20% in various accounts.) By July 2023, the government’s issuance of a new K20,000 note was a response to price pressures. Inflation hit food and fuel particularly hard – everyday goods like rice, cooking oil and transport fares have more than doubled since before the coup. This has severely reduced household purchasing power. A World Bank report warned that, given these prices, per-capita GDP remains about 10% below its pre-pandemic (2019) level.
High inflation has deep social impacts. Some analyses estimate that almost 60% of Myanmar’s population now falls under the national poverty line – a devastating increase compared to a decade of progress. Widespread hardship and shortages are reported: for example, the price of staple dishes has more than doubled since 2021 in Yangon’s markets. In rural areas, farmers and small businesses struggle as costs for seeds and fertiliser have tripled, while demand has shrunk. In short, the kyat’s collapse has translated into a sharp rise in living costs for most Burmese citizens.
Future outlook
Looking ahead, the kyat’s fate hinges on the country’s broader conditions. Without a swift end to the conflict and a return to normal trade and investment, the kyat may continue to face downward pressure. Officials have signalled intentions to stabilise the currency – for example, by float policy (the central bank no longer enforces the 2,100 peg) and by developing digital systems (a national QR payment system launched in early 2025). Over time, if Myanmar’s political situation improves and economic growth resumes, the kyat could stabilise. However, in the immediate future, most forecasts see continued high inflation and volatility. For businesses and individuals dealing with Myanmar, it remains crucial to monitor rates and possibly hedge currency risk.
In summary, Myanmar’s currency is the kyat (MMK). It is the country’s lifeblood, but it has suffered steep devaluation and inflation amid recent turmoil. Travellers should plan to use kyat cash for most expenses, and locals are anxious about further price rises. For ongoing guidance on currency trends, it helps to follow reputable data sources: for instance, the World Bank and IMF regularly publish updated figures on Myanmar’s GDP and inflation. Meanwhile, our own blog covers global currency news and analysis to put Myanmar’s situation in context.
As always, for currency news and insight into the world of currency, make sure to stay up to date with our Expert Analysis, as well as our daily Market Commentary.
Caleb Hinton
Caleb is a writer specialising in financial copy. He has a background in copywriting, banking, digital wallets, and SEO – and enjoys writing in his spare time too, as well as language learning, chess and investing.
