Currency of Myanmar: exchange rate, banknotes, coins and exchange features

2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:55

Kyat has been the national currency of Myanmar since July 1, 1952. It consists of 100 pya. Along with the national currency, American dollars are actively used in the country. Previously, they could pay off in almost any area, although such actions are officially prohibited at the legislative level. Whether the situation has changed now and why some American banknotes are valued more than others, we will tell today.

Myanmar: currency, exchange rate

As of 2016-30-11, one dollar can buy 1,317 kyats. For one euro - 1396.014, for the pound sterling - 1646.127, and for the Japanese yen - 11.535.

Myanmar: currency, ruble exchange rate

If we consider the ratio with the Russian currency, it is approximately 20 to 1. As of November 30, 2016, 20,548 kyats can be bought for 1 ruble.

History

If we talk about what currency is used in Myanmar now, then this, of course, is the kyat. This is the historical name of the country's currency. Originally kyatcalled silver and gold coins. They circulated in what was then Burma from 1852 to 1889. Kyat at that time consisted of 20 pyas, which, in turn, were divided into 4 pias. The silver coin was the equivalent of the Indian rupee. From 1889 to 1943, the latter was the official currency of conquered Burma. In 1943 the country was occupied by Japan. Burma introduced a currency based on the rupee. Kyat consisted of 100 cents. However, this currency completely depreciated at the end of the war. It was replaced by the Burmese rupee in 1945. Finally, in 1952, the modern kyat was put into circulation. The rupee was exchanged for it at a ratio of 1 to 1. A reduction to the decimal system was also carried out. The modern currency of Myanmar consists of 100 pyas.

Coins and banknotes

The currency of Myanmar has the following denominations: 5, 10, 20, 50, 100, 200, 500, 1000, 5000 and 10000 kyats. The last two banknotes are rarer than the others. There are also collectible banknotes of 50 pya and 1 kyat. Coins are also in circulation. Among them there are the following denominations: 5, 10, 50 and 100 pya. It is much rarer to see a coin of 1 kyat. An interesting fact about the currency of Myanmar is that the banknotes do not have an indication of the year of issue, as well as the institution that printed them.

Currency certificates

They began to be issued in 1993 in denominations of 1, 5, 10 and 20 kyats. They were exchanged at the parity rate for US dollars. The exchange of currency certificates for kyats was prohibited by law. Thus, in fact, there were two coursesnational currency. Travelers could either buy currency certificates or exchange dollars for kyats on the black market, where their price was ten times inflated. In 2012, the certificate was sent on a “controlled voyage” and the exchange of foreign currency units for it was prohibited. In March 2013, currency certificates were no longer issued.

Travel Tips

The national currency of Myanmar is the kyat. However, often the cost of services in hotels, tickets for air and rail domestic transportation is set in US dollars. Everything else is priced in kyats. In 2013-2014, many stores accepted dollars. In Myanmar, the black currency market was extremely developed. Now the situation has improved somewhat. This is due to the devaluation of the kyat, which was carried out by the government in 2015. However, many foreigners continue to use dollars due to convenience.

Until November 2012, there were no ATMs in Myanmar at all due to economic sanctions against the country. Therefore, when visiting, it was necessary to have a sufficient amount of cash with you. Moreover, new 100-dollar bills were valued more than banknotes of a different denomination. To date, there are ATMs in Myanmar. However, they are often located in large shopping centers, airports and large hotels. Therefore, it is still advisable for foreigners to take more cash with them.

In addition to the American currency, it is quite easy to exchange Singaporean dollars and euros. Wellfor large denominations on the black market, usually somewhat more than for others. Moreover, it may depend on the purity, novelty and the presence of creases on the banknote. Therefore, it is better to take care of this in advance. In the bank where you have an account, you need to make a request that you need "American dollars for Myanmar", that is, in very good condition. It is better to check the novelty of banknotes several times than to lose a significant amount during the exchange of brought cash already during the trip.