Money

Currency: Kyat (MMK) = 100 pyas. Notes are in denominations of MMK1000, 500, 200, 100 and 90 pyas. Coins are in denominations of MMK1, and 50, 25, 10, 5 and 1 pyas.

 

Currency Exchange: FECs, which are printed in China, are Myanmar's second legal currency and are issued by the Bank of Myanmar specifically for visiting tourists. They come 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 can be exchanged into Kyats at officially authorised banks, bureaux de change, hotels and Myanmar Travel and Tour offices, and can be spent anywhere in the country. Cash payments can also be made in US Dollars, but only at establishments (eg hotels, railway stations, airlines) that have an official licence allowing them to accept dollars. Wherever possible, it is advisable to change US Dollars into Kyats rather than FECs, as FECs usually have a poorer exchange rate than Kyats. However, US Dollar traveller's cheques can only be exchanged into FECs and not directly into Kyats unlike US Dollar cash. It is also recommended to carry small change as large notes may be difficult to change. Euros are now also accepted in all banks and currency exchange bureaux.

 

Credit / Debit Cards and ATMs: It is unlikely that credit or debit cards will be accepted; it is best to check with your card company prior to travel. When this text was written, there were no ATMs in Myanmar. But this might have changed. Locate ATMs accepting VISA cards here. Locate ATMs accepting MasterCard here.

 

Currency Restrictions: The import and export of local currency is prohibited. There are no import limits on foreign currencies, but any amount must be declared on arrival and the declaration certificate kept safe – on departure, foreign currencies are checked with the amounts declared on entry. There are regular customs checks at Yangon airport, aimed at curbing black-market activities; this makes it essential to keep all receipts in order to account for money spent while in the country.

 

Approximate exchange rates (01/01/07):
1USD equals 6.42 MMK
1GBP equals 12.08 MMK

 

For up-to-date exchange rates, please visit e.g. www.oanda.com