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Official and Blackmarket Rates in Myanmar


Official and Blackmarket Rates in Myanmar

Never exchange money in a bank or at the airport as the rates are excruciatingly uncompetitive: the official rate "floats" around a farcical 6 (yes, six) kyats to the US dollar while the going street rate fluctuates considerably around 960 kyat (960 Kyat to the US$ in September 2010 in Yangon, slightly less in Mandalay, and only 890 in Inle Lake), and dissident newspaper The Irrawaddy is a good source for recent exchange rates. Exchanging money on the black market is only theoretically illegal: ask in any farmers' market, jewelry shop or travel agents. As of September 2011, the black market exchange rate in Yangon is 700 Kyat to $1US
Travel Warning

NOTE: It is officially an offense to exchange with the black market. There are cases where foreigner was offered much better rates at the black market and was swiftly apprehended by the police and was sentenced 1 year imprisonment at Yangon Insien Prison. It is believe that the person that introduced the transaction is the person that reported to the local police for double commissions. A Turkish national was one of the victim back in late 2005 and was released on November 2006. The offense charged in local laymen term is called "Dolla Mu".


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Myanmar Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.

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