Myanmar Exchange

Burma Exchange

Up until the recent government reforms, it was necessary for visitors to Myanmar to change money on the black market in order to obtain an appropriate exchange rate. Nevertheless, strong exchange rate fluctuations weaken confidence and damage growth, which Myanmar cannot afford. Myanmar Securities Exchange Centre (MSEC) in Yangon, Myanmar, is the only stock exchange in the country. Burma remains a predominantly cashless economy. Burma maintained a multiple exchange rate system, and the parallel market exchange rate remained unrestrained.

The Myanmar Exchange Business Information Services - Home

Bank rate >> 1 US$ = 1359 - 1365 Kyats. Others market rate >> 1 US$ = 1360 - 1363 Kyats. Reference interest rate of the central bank >> 1 US $ = 1359 Kyats. Bank local rate >> 1 SGD = 1000 - 1008 Kyats. Others market interest rate >> 1 SGD = 1006 - 1009 Kyats.

Transmission rate (Ygn. to Sg.) >> 1 SGD = 1015 Kyats. Global market >> 1 US$ = 1.35 SGD. The local bank rate >> 1 Euro = 1545 - 1575 Kyats. Different market rate >> 1 Euro = 1570 - 1585 Kyats. Global market >> 1 US $ = 0.86 Euro. The Yangon Market >> 933,000 Kyats.

on the Yangon market >> 935,500 Kyats. The London market >> 1279.93 US$/Oz. 1 CNY (China Yuan) = 208 - 210 Kyats. I THB (Thailand Baht) = 42.1 - 42.4 Kyats. INR (India Rupees) = 19.5 - 20.0 Kyats. In Bangladesh Taka, 1 BDT = 15.6 - 16.1 Kyats. Masaysia Ringgit = 339 - 341 Kyats.

AUD 1 (Australian dollar) = 1010 - 1015 Kyats. GBP = 1803 - 1808 Kyats. Japanese 1PY = 12.1 - 12.3 Kyats.

Myanmar: Banking and Finance - TripAdvisor

It' better to have the latest $100 note with a $100 striped red dollar and a good exchange likelihood than the old dollar, although untouched older bills are acceptable. Now ( (January 2014) there are many international ATMs in cities, as well as at most of the major international airfields that accept UnionPay, Plus, Cirrus, MasterCard and Visa Cards and use them.

However, please be aware that there is a flat fee of 5000 Kyats (plus your own debit card), which makes small cash outs costly. You can compare the exchange before the Kyats 5,000 fee and your own banks exchange like in a hospital. Don't alter $'s on the road!

A few current guides still say you need to modify $300= (F. E.C.) p/p for a poor exchange rates. CYAT ( "chat") is the Myanmar language. While guesthouses and smaller ones are still due in Kyoto, most of them are in $ and paid for. While high-end businesses still pay in US$, many places in Kyoto are now affordable.

The best way to avoid exchange loss is to always make the payment in the indicated currencies. They are spoilt for choices of bank drafts at airports and they all have practically equal exchange rate. Notice that you can convert your idle Kieat back to $ on sailings at a minimum (20 kyat?) spread between the buy and sell prices.

They are NOT an internationally convertable money and are unlikely to be exchangeable outside Myanmar, although you may be able to dump them at Bangkok Aiport or try to pass them on to prospective travelers from your own state. You may be able to exchange other currrencies (£, AUS$, THB), but the number of banks they will exchange is very small and the exchange rates may be quite bad unless you are willing to invest your money in your purchases.

Farmers Bank branches switch AUS$. Lately only one of the 9 banks in Yangon would be changing the THB - at a very bad pace. Sometimes, if you are paying the shopkeeper/taxi in $, you get small dirty bills in small dirty Khat, which you want to give quickly.

It is still the preferred money for airlines, travel agencies, travel guides, top quality hotel and restaurant accommodation and for some admission charges. It is best to keep it new, maybe between two cards. 100s and 50s get the best exchange rates, so use lower denomination for the payment of hotel and restaurant - again the state is important.

That $ is still royal and cabs, leaders and restaurant will still take it if there is a lack of Kie. Myanmar now has over 2000 ATMs with a selection of large airport locations and extensive city centre access. Notice that there is a set fee of 5000kyat, plus the fee of your own bank and a max payout of 300,000kyat, up to three time a day.

While many smaller cities and cities do not yet have ATMs, those who have a bank in the city will either have one or will soon have one. Sittwe, for example, only has an ATM and until recently there was none at Ngapali Beach, but there is now an ATM (KBZ Bank) outside the Amata Hotel.

In some countries, there are still some banks that are still following the obsolete US ban, so please verify with your bank if your bank accepts your cardhold. A lot of top class restaurants, especially for corporate and group travel, accepts payment by banker. On the other hand, many touristic resorts and guesthouses do not take payment via banker.

A lot of Irish Island cruisers claim that credit cards are not acceptable, but there are reviews that when travelers say that is all they have after they have all their Kyoto and $, a ticket plane will appear wondrous. Due to the high charges for credit cardholders (up to 5%), many agents favor the bank transfer deposit with the remaining amount in $ on arriving in Myanmar.

The situation is rapidly shifting, funds can already be transfered from Western Union, and Myanmar Banking System will one day be linked to the international community and KBZ Bank and CB Bank are currently behind schedule to get it up and running.

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