Kyat is the basic unit of currency of Burma. The currency ISO code of Kyat is FEC.
Kyat has a multiple exchange rate system. The multiple exchange rate system is composed of:
- the official rate : mainly used for transaction with the government, the public sector and the foreign firms' accounts ;
- market value : used by most part of firms for commercial transactions ;
- FEC (Foreign Exchange Certificate) : used and serve the needs of visitors in Myanmar. Private banks buy FEC from the customers with the rate of 1 USD = 450 kyats but do not sell FEC from them. The market rate of 1 FEC = 1 USD.