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Hi Board Members,
I have 2 banknotes from Myanmar of 5000 Kyat and 1000 Kyat each. The online conversion shows 1 Kyat = 0.15 US$. Can anyone give me further inputs on the value as I don't see the value to be that high for Myanmar currency.

1000 Kyat


5000 Kyat

Thanks
Ankit

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Ankit Jain
**Happiness is not the station you arrive at but the manner of Traveling**

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Thanks, updates made to the existing post.

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Ankit Jain
**Happiness is not the station you arrive at but the manner of Traveling**

Simple answer - BLACK MARKET.

I've been to Burma a few times on holiday and each time on the black market swapped $US100 into an inch high stack of 1000 Kyat notes - see photo below.

The Black Market rate is about 100 to 1.

No one sane swaps money at the 'official' rate.

Mailing postcards from there to oz cost me about 1 cent each as the stamps are denominated in "official" Kyat.

Glen

Wow... and I thought I had a million rupees surplus to buy more stamps..

Damn..these black market mafias...so does the official money exchange also take into account the black market rates?

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Ankit Jain
**Happiness is not the station you arrive at but the manner of Traveling**

Can you buy Heroin and Marijuana at a tobacconist?

No
I wonder why the government doesn't change the currency rates to the actual rate because it is disguising if you see an internet site for exchange rates. Is this the same story with Ghana? I have some Ghana Banknotes also and the conversion rates are quite high for those too.

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Ankit Jain
**Happiness is not the station you arrive at but the manner of Traveling**

Sigh.

You can buy these for a buck apiece. I have a wad of them here. Welcome to the real world.

I would say this applies to most, if not all countries which denominate banknotes in 4 figures or more (ie. 1,000 "Blarghs" or more).

Usual causes: totalitarian government - ruined economy - worthless banknotes....

Next week it might apply to the Eurozone as well

The military junta (ruling group) can proclaim the exchange is whatever they feel like, be it 1 kyat = $0.15 or $0.50 or $1.50. Just like they can announce they don't like such-and-such a country, or don't want people to hold a fork in their left hand.

If people don't care, and/or you don't have the power to back up what you say, your declarations will just be empty words.

There are a number of countries where the government goes around fooling itself with the belief there is an official exchange rate and the currency is so strong. Only a fool would exchange money at the bank at the rate the government sets. Do you think the bosses in charge in the government exchange their own money into USD at the official rate? I bet a million kyat (at any exchange rate ) they don't.

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Collecting Mongolia; Thailand; Indo-China; Mourning Covers; OHMS.
My online 'store': http://stampsfromaethelwulf.blogspot.com/

We were in Cuba and Venezuela in recent times and the same silly artificial rates apply there.

As of late December, the Burma black market rate was approximately 780 kyat = US$1. While the official rate is about 6.5 kyat to the dollar, I believe this is only used for accounting purposes, and even then not so much.

The official government exchange counter at Rangoon's airport makes you feel real special by offering about 400 kyat to the dollar, hoping people think they're getting a great bargain.

Once you get into town, however, you'll find the real black market rate being offered by many, many people: cab drivers, hotel bellhops, even the staff at the government run MTT (Myanmar Tours & Travel).

In 2005, the first time I visited, the rate was around K1020 = US$1, meaning the LARGEST bill (K1000 at the time, before the K5000 bill was issued) was worth under $1.

Don't worry about what rate ATMs or credit card companies will use: there are no ATMs that take international cards, and you can't use credit cards anywhere

Oh! that's an eye opener. I wasn't aware about Burma, I knew about Zimbabwe and some other African countries. The Asian countries like Thailand and Malaysia and doing quite well for themselves and their currency has appreciated well compared to early 90's. It is astonishing how the Government lives in a false world and also loses so much of economy to the black market rate which complies everywhere.
Funny!

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Ankit Jain
**Happiness is not the station you arrive at but the manner of Traveling**

I guess there is a lot to see in the country but with No ATMs and credit card transaction how does someone travel and pay? The currency sucks so do I carry a huge bag filled with Banknotes?

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Ankit Jain
**Happiness is not the station you arrive at but the manner of Traveling**

When I was there 3 years ago, we just took US$100 dollar bills and exchanged them for kyats as we went along. We had found it was much cheaper to buy our transport before we went (airfares and Irrawaddy boat trip) and a Burmese friend organized our hotel accomodation so that was paid for, too, before leaving the UK. The bill for extras at the hotel was paid in dollars, and the change given in khats. We ended up not being able to spend the last few bills, so the boys and girls at the airport received large tips. We exchanged $200 in 10 days.

As in several other Asian countries, the US bills have to be absolutely new, with no trace of wear and tear, or they are just not acceptable.

There was not much crime against tourists at the time. We had a Government minder watching us, unless we managed to escape - easy through one of the many market exits - so we were not good targets. However, I don't think there was much petty crime, anywhere, as the locals had little to steal. Don't suppose it has altered much, yet.

The only "crime" I saw was an unfortunate tourist bus driver who was roughly hauled off by the police for driving into a truck.

Carry a bunch of very crisp US dollar notes. ($100 notes will get you the best exchange rates when converting to kyat, but you will also need $1s and $5s for entry to pagodas, etc.) Hotels have to be paid in dollars (unless you arrange a booking in advance), but restaurants outside of hotels will take kyat.

Other foreign currencies are useless in Burma; even the baht from neighboring Thailand isn't accepted. I stayed at a Japanese managed hotel in Bagan that would exchange a minimal amount of Japanese yen to US dollars (at a fairly good rate), with a 20% service charge tacked onto it!

Maybe now with the talk of easing sanctions against Burma we might see the ability to use ATMs or credit cards in the not-so-distant future, but not yet...

This is crazy stuff.
Crisp 100$ note and no other currency accepted. I guess I'll have to plan this trip well in advance with all the booking and other things done.
Moreover, the 5000 and 1000 kyat banknote that I have is of little value which again disappoints me

_________________
Ankit Jain
**Happiness is not the station you arrive at but the manner of Traveling**

I go to my barber for mine.

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With kind regards, Jim