Myanmar Burma CurrencyBurma Currency
MYANMAR ("BURMA") - A look back at Myanmar, Asia
Myanmar is certainly a popular choice for experienced travelers in many ways. However, when it comes to converting currency and cash into local'Kyats' (almost like"[to] chat"), things get really complex, frustratingly and irrationally. EUR, PRCs, RMBs, YENs, Australian Dollars, Singapore Dollars, British Pounds etc.
Perhaps some well-established Yangon resorts can convert these currency at a very poor rates and in small quantities. With the exception of these exemptions, no one will be changing these currency. There is only one single currency that governs the country: the good old US dollar in currency. You can convert your currency at the airports in most European Union states.
But not like this in Myanmar: Virtually no formal bureaux de exchange exist, and currency exchanges are a shop that is overshadowed somewhere. A number of travellers would just pay relatively low prices at the hotel reception. However, most travellers would allow their tourist managers to alter a certain amount for them.
When you really take on the job of changing it yourself, then the first place to go is the Bogyoke Aung San Market in Yangon. As is well known, jewellers in particular have enough cash at their disposal to switch several hundred US dollar at once.
Inquire about the exchange rates, usually anywhere around 1US Dollar = 1100 Kyats. Prices can slightly differ according to the actual economical or politic situations, or just according to rumors. And, unlike other goods, there is only a very small spread to bargain the cost, maybe plus/minus 10 Kyats at most.
The website provides information regularly and practically on favourable currency exchanges. While you can also switch to Mandalay on the Zegyo market, you are most likely to get slightly lower prices. If you ask around, please do so silently, because there are still rumors and reports of legislation banning the actual possession of forex.
The conversion of US Dollar into the Kyats follows different rules: As an example, $100 bills get a better prize than the bills at $50 or $20, which means that with a $100 bill you get more kyats than with five $20 bills. It is convenient to trade the desired amount of Kyats for $100 bills while at the same time storing a few small bucks for payment at certain touristic places like the Shwedagon Pagoda or the Mandalay Puppet Theatre.
Because if you are paying particularly small sums with a 50 or 100 bill, no one can give you your US dollar exchange. Then there are other US dollar rules: - Take NEW notices! No one will tolerate relatively tattered and used banknotes, except with the statement that they will not be accepted by them.
- No make a note starting with the numbers'CB......' and'CV....': A few years ago, a few counterfeit bucks must have come into the state. In this way, those who are still involved in the trade are avoiding US-Dollars that bear these numbers like the pestilence. Lastly, you should be clear that converting Kyats to US bucks is a very difficult job, and they will only be offering you much lower tariffs, others just won't convert them back.
By about 2003, foreign nationals arriving in the U.S. had to exchange 200 U.S. dollars into the so-called Foreign Exchange Currency (FEC), at an official exchange rates of 1U. = 1 FEC. The FEC had to issue foreign nationals as quickly as possible, and especially the Ministry of Hotel and Tourism just compelled it.
The Burmese, however, have never really embraced the FEC, and the informal concept of "Mickey Mouse Money" says a lot about the currency and the value of the government policy diary behind it. The FEC-Kyat rate of trade has therefore also fallen drastically.