Myanmar currency exchange rate

If you look in the currency exchange rate websites on the internet, you will see the official currency exchange rate for Myanmar kyat at about 6.50 kyats per 1 US dollar. However, if you really try to buy US dollar at this rate, you will not be able to buy anywhere. Try to buy one US dollar at this rate in one of the banks in Yangon, and you will be looked at like a lunatic. In Myanmar, the official currency exchange rate is considered a joke. You can neither buy nor sell US dollar to Myanmar kyat at this rate anywhere in the world (this is not actually true as almost all the people in Myanmar will love to buy US dollar at 6.50 kyats a dollar!). No body knows why this exchange rate exists and why the government doesn’t change this official foreign currency exchange rate to reflect the actual market...... more at Myanmar currency exchange rate.

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Comments

Anonymous said…
I wouldn't mind buying some dollars at 6.50 kyats myself :D
10:45 PM
Anonymous said…
Regarding your explanation on the exchange rate, I would like to add that even though the exchange rate is 6.5Kyats/dollar, even the officieals point out the comparison between the international oil prices using the rate of the backmarket and I am wondering whether they noticed what they just assured the real rate was?
10:24 PM
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