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Money
Currency: Kyat (Kt) = 100 pyas. Notes are 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 combat the black market and limit the financial power of dissident groups, currency denominations are occasionally declared invalid without prior notice. Limited refunds are usually allowed for certain sectors of the population.
Currency exchange: Individual tourists are required on arrival at Yangon international airport to exchange a minimum of US$200 into FECs (Foreign Exchange Certificates). Any unused foreign exchange certificates out of this amount will not be converted (though FECs in excess of US$300 can be reconverted on departure). Visitors on a package tour are not subject to this requirement, but if they wish to spend extra money in Myanmar, they can also exchange US Dollars for FECs. 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 travellers 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.
Credit & debit cards: Visa, Diners Club, American Express, JCB and MasterCard are accepted by airlines, major hotels and supermarkets. Check with your credit or debit card company for details for merchant acceptability and other services which may be available.
Travellers cheques: Accepted. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in US Dollars or Pounds Sterling.
Currency restrictions: The import and export of local currency is prohibited. There are no import limits on foreign currencies, but any amounts 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.
Exchange rate indicators
The following figures are included as a guide to the movements of the Kyat against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00 = | 9.71 | 9.73 | 10.11 | 9.95 | | $1.00 = | 6.66 | 6.39 | 6.39 | 6.25 |
Banking hours: Mon-Fri 1000-1400.
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