Currency Guide – Myanmar

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Currency Overview

The official currency of Myanmar is the Burmese Kyat (MMK), which is subdivided into 100 pyas. The Kyat comes in various denominations, including:

  • Banknotes: K10,000, K5,000, K1,000, K500, K200, K100, K50, K20, K10, K5, and K1.
  • Coins: While coins exist, denominations below K50 are rarely seen in circulation.

Historical Context

The history of currency in Myanmar reflects the country’s tumultuous past. The first Kyat was introduced in both gold and silver coins until 1889. During British colonial rule, the Indian Rupee replaced the Kyat. In 1943, the Japanese issued their own currency during occupation but reverted to the Kyat shortly after. The current version of the Kyat was released on July 1, 1952, and has undergone significant changes due to inflation and economic reforms over the years.

Currency Usage Guide

Currency Exchange

Travelers should be aware that both US Dollars and Burmese Kyats are used in Myanmar. While major expenses like hotel stays and domestic flights are often quoted in USD, everyday purchases—such as food and souvenirs—are typically made in Kyats. Here are some key points regarding currency exchange:

  • Best Exchange Locations: The safest places to exchange money are banks and authorized exchange counters at airports. Avoid street exchanges due to risks of scams or counterfeit bills.
  • Exchange Rates: Larger denominations of USD ($50 or $100 bills) tend to receive better exchange rates compared to smaller notes. As of March 2023:
  • 1 USD = approximately K2,097
  • 1 EUR = approximately K2,257
  • 1 GBP = approximately K2,564.
  • ATM Availability: There are ATMs available in major cities like Yangon and Mandalay that accept foreign cards. However, they dispense only Kyats and have withdrawal limits (typically around 300,000 Kyats per transaction) along with fees.

Payment Methods

  • Cash is King: Travelers are advised to bring sufficient cash in USD or Euros since credit cards are not widely accepted outside of high-end hotels and some tourist areas.
  • Condition of Bills: Ensure that any USD bills brought into Myanmar are crisp and unmarked; damaged bills may be rejected by exchange counters or vendors.

Tips for Travelers

  1. Bring Cash: It is highly recommended to bring all the cash you plan to use during your stay since ATMs can be unreliable.
  2. Avoid Street Exchanges: Stick to banks or official exchange counters for your transactions to avoid scams.
  3. Keep Small Denominations: Having smaller notes can be helpful for everyday purchases where change may not be readily available.
  4. Notify Your Bank: Before traveling, inform your bank about your trip to prevent your credit card from being blocked due to suspicious activity.
  5. Be Cautious with ATMs: Use ATMs as a backup option rather than your primary source of funds.

By understanding Myanmar’s currency landscape and following these guidelines, travelers can enjoy a more seamless experience while exploring this captivating country.


Major Banks In Myanmar

Here are the top 10 major banks in Myanmar with brief descriptions:

  1. Kanbawza Bank (KBZ Bank) – The largest bank in Myanmar, established in 1994. It has nearly twice the number of branches and employees compared to other private competitors and was the first bank to issue its own branded credit card.
  2. Ayeyarwaddy Bank (AYA Bank) – The second-largest private bank. It is notable for being the first bank in Myanmar to be compliant with International Financial Reporting Standards and the first to be audited by a major global accounting firm.
  3. Co-operative Bank (CB Bank) – Resulted from a merger of three state-owned cooperative banks. While it no longer has formal government ties, some informal connections remain through leadership and staffing.
  4. Yoma Bank – A key player in expanding financial access. After recovering its full banking license in 2012, it focuses on serving small and medium-sized enterprises (SMEs) and has developed mobile money products.
  5. Myanmar Economic Bank (MEB) – A state-owned bank with around 9,000 staff across 350 branches. It primarily buys government treasuries and finances state economic enterprises.
  6. Asia Green Development Bank – A prominent private bank in the country’s banking ecosystem.
  7. Myanmar Agricultural Development Bank (MADB) – Serves rural areas by providing short and long-term credit for agricultural and rural enterprises, with nearly 2 million clients.
  8. Myanmar Citizens Bank – A private bank contributing to the country’s banking sector.
  9. Myanmar Oriental Bank – Another significant private bank in Myanmar.
  10. uab Bank – Known for having the lowest non-performing loan ratio in the country and implementing innovative digital banking solutions.

The banking sector in Myanmar comprises 28 domestic banks, including four state-owned banks, three municipal government banks, 10 semi-private banks, and 14 privately owned banks. The “Big Three” banks (KBZ, AYA, and CB) control about two-thirds of all loans and deposits in the country.


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