Myanmar's currency: exchange rate, banknotes, coins and exchange characteristics

Kyat is the national currency of Myanmar since July 1, 1952. It consists of 100 pew. Along with the national currency, American dollars are actively used in the country. Previously, they could be paid in almost any field, although such actions are officially and banned at the legislative level. About whether the situation has changed now and why some American banknotes are valued more than others, we will tell you today.

Myanmar: currency, exchange rate

As of 30.11.2016 for one dollar you can buy 1317 kyats. For one euro - 1396.014, for the pound sterling - 1646.127, and for the Japanese yen - 11.535.

Myanmar: currency, exchange rate to the ruble

If we consider the ratio with the Russian monetary unit, it is approximately 20 to 1. As of 30.11.2016 per 1 ruble, you can buy 20,548 kyats.

History

If we talk about what currency is used in Myanmar now, then, of course, it is kyat. This is the historical name of the monetary unit of the country. Initially, kyate was called silver and gold coins. They were circulating in Burma at that time from 1852 to 1889. Kyat at that time consisted of 20 p'yi, which, in turn, were divided into 4 p'yas. The silver coin was the equivalent of an Indian rupee. From 1889 to 1943, the latter was the official monetary unit of the conquered Burma. In 1943, the country was occupied by Japan. In Burma, a currency was introduced on the basis of a 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, a modern type of kyat was introduced into circulation. The rupee was exchanged for it in a ratio of 1 to 1. It was also brought to the decimal system. The modern currency of Myanmar consists of 100 pya.

Coins and banknotes

Myanmar's currency has the following denominations: 5, 10, 20, 50, 100, 200, 500, 1000, 5000 and 10,000 kyat. The last two banknotes are found less often than others. There are also collectible banknotes in 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 less common to see a coin in 1 kyat. An interesting fact about the currency of Myanmar is that notes 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 kyat. They changed at a parity rate of US dollars. The exchange of currency certificates for kyats was prohibited by law. Thus, in fact, there were two courses of the national monetary unit. Travelers could either buy currency certificates, or exchange dollars for kyats in the black market, where their price was overestimated by dozens of times. In 2012, the certificate was sent to "controlled voyage," foreign currency was not exchanged for it. In March 2013, currency certificates ceased to be issued.

Travel Tips

The national currency of Myanmar is kyat. However, often the cost of services in hotels, tickets for air and rail domestic shipments is set in US dollars. Prices for everything else are displayed in kyatah. In 2013-2014 many shops accepted dollars. Myanmar had a highly developed black exchange market. Now the situation has somewhat improved. This is due to the devaluation of the kyata, which was carried out by the government in 2015. However, many foreigners continue to use dollars for convenience.

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

In addition to the American currency, Singapore dollars and euros can be easily exchanged. The rate for large denominations on the black market is usually somewhat larger than for others. And it can 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 a 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 considerable amount during the exchange of the imported cash already during the journey.