Us Dollar in MyanmarU.S. dollar in Myanmar
Burma and US Dollars
In order to make this clear, the US dollar banknotes must be in a good state of cleanliness and not older than 2006. Like No. 2 said, inform your local savings banks of your itineraries ( "including the lands you will be visiting and the amount of round-trip accommodation you will be spending outside your home country") before leaving your home. You should be expecting 5000-6000 MMSK per payout to the Myanmar ATM you use, plus any charges your institution may charge (such as a charge for international transfers and a transfer rate).
This will allow you to schedule your withdrawal to prevent these charges. Never leave and only trust in one map. In case of emergencies, bring some US dollars or EUR or SGD in currency, as other currency is difficult to be swapped.
Filthy money: U.S. stock market fraud continues
Speaking in this House on 11 September, U Aung Kyaing, Pyithu Hluttaw's Nyaung Oo electoral district spokesman, asked why retail and even state bankers do not agree to old or colored US dollar banknotes. The Myanmar Central Bank's assistant central bank assistant U Set Aung replied that the central bank has already ordered all public and non-public sector bankers to pay all dollar bills in an appropriate amount that are real.
It was controversial for him to insist that both state and privately held commercial bankers should be prepared to pay real dollar bills that are old, wrinkled or contain errors such as inks, stains or cancels. We do not allow small old or crumpled dollar bills to be accepted by foreign currency exchanges and retail banking institutions, even state-subsidiaries. You often state the reason why illicit coin acceptors have made counterfeit bills with similar numbering.
A further issue is that many of the US dollar denominated abroad carry a mark or postmark from overseas bankers stating that the banknotes have been verified and found to be authentic. In many cases, these banknotes are also not acceptable at any of the municipal bank or currency change-office. This is rooted in unfair - some would say corruption - practice within state owned banking institutions.
Privatebanks, businessmen and many normal people have to turn to state owned bankers when trading in overseas money, which includes USdollar. However, civil servants of these state agencies responsible for managing exchange rates have for many years been refusing to pay old bucks. You had the authority to determine what kind of banknotes were acceptable in Myanmar.
No one could quarrel with them if their memos were overruled. This probably led to the practice of rejecting old$s. Civil servants responsible for the acceptance of currencies at state institutions are charged with admitting old or slightly corrupted banknotes if the banknote holder has held some "preliminary negotiations" before the operation - i.e. payed a payoff.
Simultaneously, traders on the subprime markets have lowered the price of old banknotes. Some of them were not in the full conditions. For example, those trying to sale 10 comments would get a lower rates if some of them were not in the full one. In fact, retail bankers would routinely decline to take slightly used banknotes from another retail park in Myanmar and instead recommend that customers should hand them back to the store where they received them.
And in other nations, a dollar is a dollar. Here is a dollar a dollar for some - and not for most normal human beings. It has shown that the central bank cannot even compel state institutions to follow its instructions. It' clear that coin change men and employees of governing bankers are greedfully using forex.
It is damaging the state at a moment when it is trying to lose its old reputation as a haven of bribery and attracting inward investment. To solve this issue, the central bank must closely monitor state institutions and make sure that they comply with their instructions. This must be followed by personal banking and currency exchanges.
A viable alternative is to force them to publish a notice on their own property saying they agree to old dollar bills and add some example-photographs. It is only through such action that the practice of exploitation of the population by lowering the old greenback rates will vanish.
We will then have a foreign currency markets that function just like in other world.