Kyat and exchange rates
25th July, 2009
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I'm trying to make sense on the exchange rate of Myanmar Kyat, but so far I've had no luck. To qoute gocurrency.com ( http://www.gocurrency.com/countries/myanmar.htm ) :
"While the official exchange rate (MMK/USD) has lingered around 7 kyats to one US dollar, the currency is known for its extremely variable street rate, which can go as high as 1000 kyats (900 kyats as of Feb, 2005)."
This can't possibly be right ( even if the information is outdated ). Could anyone shed some light on what the exchange rate should be and how it actually works ?
#1 Posted: 7/9/2010 - 15:30
That's correct... due to economic sanctions against Myanmar, the exchange rate is "unofficial". Check the Irawaddy newspaper for the latest exchange rate -- it's currently $1 USD = 975 kyat. Hotels / money changers / etc. will offer you something close to this, though it tends to be most favorable in Yangon.
A couple more tips about $$ in Myanmar:
* do not exchange money at the airport (they prey on people who check the "official" exchange rate and offer something like 40 kyat to the dollar!)
* be very careful when exchanging money in the markets - they like to try slight of hand tricks on you - count the money yourself and hold on to it.
* take all the $$ you'll need with you. There are *no* ATMS in Myanmar (really) and, even though a couple places will take credit cards and potentially offer a cash advance for a fee, you can't rely on them.
#2 Posted: 7/9/2010 - 23:39
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