The Currency of Myanmar - A Guide For Travelers

Currency is the lifeblood of economies, serving as the universally accepted medium of exchange, a store of value, and a unit of account. It plays a pivotal role in facilitating transactions, measuring value, and underpinning the economic systems of nations. Travelers visiting here must have knowledge of Myanmar currency and know how to prepare their currency before traveling.

In this article, we will explore the national currency of Myanmar, from its origins to its modern-day presence; moreover, we will give some advice that travelers can refer to in order to get familiar and learn more about the exchange rate of this type of currency.

What is the Currency of Myanmar?

The official currency of Myanmar is the Myanmar Kyat (MMK). The Myanmar Kyat, represented by the Myanmar currency symbol "K," serves as the primary medium of exchange and unit of account in the country.

Banknotes and Coins

The Myanmar Kyat is further divided into smaller units called pyas. One Kyat equals 100 pyas, and this subdivision is used for transactions involving smaller amounts. Both banknotes and coins are in circulation, each bearing their distinct values and designs. These denominations range from small denominations such as 1, 5, 10, 50, and 100 Kyat coins to larger banknotes in denominations of 50, 100, 200, 500, 1,000, 5,000, and 10,000 Kyats. Each banknote often features iconic landmarks, historical figures, or symbols of Myanmar's rich cultural heritage.

The issuance and regulation of the Myanmar Kyat are overseen by the Central Bank of Myanmar, which plays a crucial role in maintaining the currency's stability and controlling monetary policy.

The currency of Myanmar - Kyat is used all over the country

The Historical Journey of the Kyat

Three iterations of the currency of Myanmar have been in circulation. 

• 1852 to 1889: The initial Burmese Kyat with coins made of gold and silver. One gold Kyat could be traded for 16 silver Kyats.

• 1943 to 1945: The second Kyat was introduced during the Japanese occupation of Burma, a rupee-based currency. The new banknote was divided into 100 cents. Nevertheless, following the conclusion of World War II, the currency became obsolete, and the Burmese rupee was reinstated.

• 1952: The third and current version of the currency of Myanmar. It was adopted as a replacement for the Burmese rupee at an equivalent value. This new Kyat system involved decimalization, resulting in the division of the Kyat into 100 pya.

Myanmar Money Exchange Rate

In the past, travelers often opted to exchange money on the unofficial black market to secure a more favorable exchange rate. However, this is no longer the prevailing practice. Currently, the most reliable places for currency exchange are the major airports, banks, and officially recognized money exchange centers. It's advisable to steer clear of street-side money changers, as they are more likely to engage in fraudulent activities.

Exchange rate Dollar to Myanmar Kyat (According to 2024): 

• US$ 1.00 = 2,093 MMK

• US$ 5.00 = 10,482 MMK

• US$ 10.00 = 20,964 MMK

• US$ 50.00 = 104,825 MMK

• US$100.00 = 209,649 MMK

• US$1,000.00 = 2,096,490 MMK

Consider your travel budget to exchange a suitable amount of money

Banks have expanded their presence throughout the country, extending their services to even smaller towns. It's worth noting that the majority of banks close their operations on weekends and holidays, especially during the Thingyan festival in April, when they typically remain shut for approximately two weeks.

In Yangon, an alternative option for currency exchange during weekends is the popular and centrally located Bogyoke Aung San Market, also known as Scott Market. Here, you can find numerous money-changing establishments; however, it's essential to be aware that these shops tend to close around 3:30 to 4:00 p.m.

Besides, the currency of Myanmar can also be exchanged at your guesthouse or nearby jewelry stores, although it's important to note that the rates offered at these places are typically somewhat less favorable compared to what you would receive at a bank.

Currency of Myanmar  - Money Tips For Travelers When Visiting Myanmar

In Myanmar, besides Kyat, the use of US Dollars is widespread, particularly for expenses related to tourism, including accommodations, transportation, and various activities. 

Prior to embarking on your journey to Myanmar, it is of utmost importance to thoroughly inspect the condition of your banknotes. They should be in as impeccable a state as possible; otherwise, they may not be accepted for transactions within Myanmar.

Myanmar currency - Must know things

There are some notes that travelers can refer to before traveling with the currency of Myanmar: 

• Only new notes will be accepted, and any folded, torn, or defaced bills will be declined.

• The notes from the series dated prior to 2003 are not valid for use.

• Upon entering Myanmar, each tourist is permitted to carry up to US$ 5000 per person.

Larger denominations, such as $50 or $100 bills, are favored and typically yield slightly more favorable exchange rates compared to smaller denominations.

In addition to US Dollars, it is convenient to convert Euros and Singapore Dollars at the airports in Yangon or Mandalay, as well as at banks. While not as common, you can also find select shops that accept Thai Baht, although locating them may require some extra effort.

There are a few things about the currency of Myanmar that travelers should take note of

Advice for travelers about Myanmar exchange money

• While the situation is gradually improving in the country, it's advisable to carry some crisp US Dollars with you for immediate use until you locate an ATM. These can also serve as a safety net for emergencies, such as situations where credit cards are not functional or in the event of their loss.

• If your travel plans include visiting remote areas, it's a good idea to exchange your currency into Kyat or withdraw it from ATMs in major destinations in advance. Changing money in smaller towns can be more challenging, and the rates offered may not be as favorable. Additionally, ATMs are less common in these areas.

• Consider using US Dollars for significant expenses, like hotels, upscale restaurants, and flights. This approach can help you save a bit on exchange rate fees, as hotels and restaurants typically convert the amount paid based on official bank rates. Smaller purchases, such as taxi fares and bus rides, are almost always settled in the currency of Myanmar - Kyat.

• It's advisable to steer clear of street-side money changers due to the potential for scams.

• Myanmar is a predominantly Buddhist country, and as such, the prevalence of crime is relatively low. However, it's still prudent to exercise caution with your belongings and avoid relying solely on one source of funds for added security.

Conclusion

The Myanmar Kyat has come a long way since its inception as an independent currency following British colonial rule. It has weathered periods of hyperinflation and economic isolation and has seen currency reforms aimed at restoring stability. The currency's journey reflects the complex history and challenges facing Myanmar's economy.

As Myanmar looks toward its economic future, the value and stability of the Kyat remain closely tied to political and economic developments both within the country and on the global stage. While there are opportunities for growth and progress, the challenges and uncertainties that Myanmar faces underline the importance of ongoing economic reforms and stability for the country and its currency. The currency of Myanmar - Kyat is not just a piece of paper; it represents the hopes and aspirations of a nation on its path to economic prosperity and political stability.