Until recent government reforms, it was necessary for visitors to Myanmar to change money on the black market in order to get a reasonable exchange rate. This is no longer the case ; you can now get a good exchange rate at banks and official money exchanges.
Money changers on the street should be avoided, as they are likely to scam you. Unsurprisingly, the exchange rate is subject to fluctuation; check online for the latest rates before exchanging. While visitors once had to bring in all the necessary cash for their travels into Myanmar, there are now thousands of ATMS that accept international bank and credit cards located around the country — although bear in mind that most are concentrated in Yangon, Mandalay, Nay Pyi Taw, Bagan and Inle Lake.
Cardholders can also withdraw local currency from ATMs and use their cards at a growing number of major outlets such as hotels, restaurants, and retailers.
For ATM cash withdrawals, there is typically a K transaction fee , and a withdrawal limit of K, per transaction. Depending on the conditions set by your own bank at home, you may be allowed multiple withdrawals per day. The use of ATMs in Myanmar is sometimes restricted by internet failure. There are no international banks in Myanmar at the moment, and local banks are in the process of becoming part of the international banking system. Yangon locations include Yangon airport , all major shopping centres and markets , as well as many smaller branches dotted around town.
Outside of Yangon, they have branches and ATMs in all major cities, airports and tourist spots. The use of international bank and credit cards to pay for goods and services at outlets in Myanmar is currently limited but, as with so much in the country, the situation is changing fast; in Yangon and some of the more popular spots around the country, cards can be used at point of sale — although a significant transaction charge may be incurred. To get in touch with us about travel, tours or activities, fill out this form or email [email protected] Are you an agent or tourist service provider?
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Currency, exchange rates and banks
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Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. One kyat subdivides into pyas. However, a pya represents such a small amount of money that it is infrequently used.
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In writing, the symbol "K" represents the currency. The currency floats against the U. As of January , one USD was equal to 1, When it was first introduced in , the kyat consisted of gold and silver coins.
Since the British were in control of the country between and , silver coins during that period were considered equivalent to the Indian rupee INR , given that India at that time was also part of the British Empire. In , the Japanese occupied the country and introduced their own currency, although this currency was quickly abandoned following the departure of Japanese forces in In , the Union Bank of Burma acted as the central bank.
However, the bank did not take on the responsibility of issuing currency until Coins are issued in denominations of 5, 10, 50, and kyats. The version of the kyat that continues to be used today began circulation in Initially, it was valued at part with the rupee, although its value has since declined substantially.
Related Indicators for Myanmar Forex: Official Rate: Reference Rate: US Dollar
In , the government nationalized and merged all of the country's banks into one entity, as it transitioned the country into a socialist monetary system. The central bank has taken measures to curtail the black market exchange of kyats. That policy ended in The poor purchasing power of the kyat reflects the fact that Myanmar is one of the poorest countries in Southeast Asia. The United Nations Conference on Trade and Development named the country among the least developed in the world in its Handbook of Statistics.
This designation comes with tariff reduction and access to the markets of developed countries. Nations may graduate from this list by meeting specific requirements, including creating higher standards of living for its citizens. Yahoo Finance. Michael W.