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Currency Exchange Rates Myanmar |
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The official currency of Myanmar is Kyat (MMK). 1 Kyat is further divided into 100 pyas. The notes come in the denomination s of 1000, 500, 200, 100 Kyat and 90 pyas. The coins come in the denominations of 1 MMK and 50, 25, 10, 5 and 1 pyas. 100,000 Kyat is taken as 1 lakh and 10 million Kyat is known as 1 crore. The currency exchange rates in Myanmar are 1 US Dollar (US$) = 6.68400 Kyat (MMK) and 1 British Pound (GBP) = 12.09226 Kyat (MMK). The pronunciation of Kyat is similar to that of the English word "chat". The denominations of money in Myanmar are often announced invalid without any notice, to fight against the black marketers and control the power of the nonconformists.
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The FEC of China is the second official currency in Myanmar released by the Bank of Myanmar for the convenience of the tourists. The denominations of FEC are comparable to that of the US dollars 20, 10, 5 and 1. FECs can be paid only against the US dollars. The currency exchange rates of FEC are 1US dollar = 1 FEC. In Myanmar FEC can be converted to Kyat at the major banks, the travel and tour agencies, exchange agencies and hotels.
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If you want to make your payments in US dollars you can do that only at some major airports, railway stations and hotels, which have legal authorization.It is preferable if you convert US dollars to Kyats. The currency exchange rates in Myanmar for FECs are generally lower than that of Kyats. You are suggested to take notes of smaller denominations with you for convenience. Presently all the major banks and currency exchange agencies accept Euros also.
In Myanmar no ATM machines are present. Before traveling to Myanmar, contact with your credit card company, as it is doubtful that credit cards will be accepted in Myanmar.
All organizations do not accept traveler's cheques. If you are traveling to Myanmar, it is advisable for you carry traveler's cheques in Pounds Sterling or US dollars for avoiding addition of extra amounts to the currency exchange rates in Myanmar. The traveler's cheques for US dollars can be converted into FECs only.
You cannot bring in or take out Kyat from Myanmar. You must keep with you all the documents certifying the amount of foreign currency that you have brought in or are taking with you from Myanmar along with the total amount of money spent during your stay in Myanmar for your ease during the customs check.
Know more about Myanmar :
In order to know more on Currency Exchange Rates in Myanmar log on to: Allwondersoftheworld.com.
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