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| Myanmar
Currency |
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Kyat (Kt) =
100 pyas.
Notes are printed in denominations of Kt1000, 500, 200, 100 and
90 pyas. Coins are in denominations of Kt1, and 50, 25, 10, 5 and
1 pyas. Kt100, 000 is known as a lakh, and Kt10 million as
a crore.
Kyat is pronounced like the English word ‘chat. To
fight the black market and hinder the financial power of dissident
groups, currency denominations are sometimes declared invalid without
prior notice. Limited refunds are normally offered for certain sectors
of the population.
Currency
exchange
Tourists are required on arrival at Yangon international airport
to exchange at least US$200 into FECs (Foreign Exchange Certificates).
Any unused certificates out of this amount will not be converted
(though FECs in excess of US$300 may be reconverted on departure).
This requirement is waved for visitors on a package tour, however
if they wish to spend extra money in Myanmar, they are allowed to
exchange US Dollars for FECs.
FECs, which are printed
in China, are Myanmar’s second form of legal currency and
are issued by the Bank of Myanmar specifically for tourists. They
are printed in denominations equivalent to US$20, 10, 5 and 1. Payment
for FECs is only accepted in US Dollars. One US
Dollar equals one FEC. FECs may be exchanged into Kyats at officially
authorized banks, hotels, bureaux de change, and Myanmar Travel
and Tour offices. FECs can be spent anywhere in the country.
Cash payments are also accepted in US Dollars, but only
at establishments (eg, hotels, railway stations, airlines) that
have an official license authorizing them to accept dollars.
Wherever possible, it is a good idea to change US Dollars into Kyats
rather than FECs as FECs usually have a poorer exchange
rate than Kyats. However, US Dollar travellers cheques can only
be exchanged into FECs and not directly into Kyats unlike US Dollar
cash. It is also advised to carry small change, as large notes may
be difficult to change.
Euros are also accepted
in all banks and currency exchange bureaux.
Credit
& debit cards
Airlines, major hotels and supermarkets accept Diners Club,
Visa, JCB, American Express, and MasterCard.
Check with your credit or debit card company for information on
merchant acceptability and other services, which may be available.
Travellers cheques
Accepted. To avoid paying additional exchange rate charges,
travellers should take travellers cheques in US Dollars or Pounds
Sterling.
Exchange rate indicators
The below figures are included as a guide to the fluctuation of
the Kyat against Sterling and the US Dollar: |
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| Date |
May
’02 |
Aug
’02 |
Nov
’02 |
Feb
’03 |
| £1.00= |
17.15 |
17.90 |
20.16 |
20.30 |
| $1.00= |
11.77 |
11.77 |
12.75 |
12.75 |
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Currency
restrictions
It is illegal to import and export local currency. There are no
import limits on foreign currencies, however amounts must be declared
on arrival and the declaration certificate kept safe – on
departure, foreign currencies are checked with the amounts declared
on entry declaration. There are regular customs checks at Yangon
airport, aimed at hindering black-market activities; this makes
it essential to keep all receipts in order to account for money
spent while in the country.
Banking
hours
Banks in Myanmar are open: Mon-Fri from 10:00-14:00. |
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