The official currency of Myanmar is, and has been since 1952, the Kyat.
This currency is made up of both banknotes and coins. The Kyat exists in paper form in 1; 5; 10; 20; 50; 100; 200; 500; 1,000; 5,000; and 10,000 denominations. However, the 5,000 and 10,000 Kyat bills are rarely used.
There are 100 Pya in 1 Kyat. Coins exist in 1, 5, 10, 25, 50 Pya forms, as well as denominations of 1, 5, 10, 50, and 100 Kyat.
Coins are extremely rare in Myanmar. When a trip to the super market costs approximately 20,000 Kyat, 1 Pya coins become almost useless. Rather than spending them, street vendors typically sell these rare coins to foreigners.
The official exchange rate remains at 7 Kyat to 1 US Dollar while the street rate currently lingers around 850 Kyat to 1 US Dollar.
Myanmar's overvalued exchange rate stagnates economic growth, an issue central to all interested investors. While many businesses are being forced to shut down, those that can continue to operate are left without incentive to expand.
To push forward with investment in Myanmar, a portfolio including physical gold assets is highly recommended. While gold does have its ups and downs, it is the most reliable tool in an investment environment as dynamic as Myanmar's. For more information on accessing the gold market, visit BullionVault.
5,000 Kyat 2009
Did You Know?
Myanmar is very rich in natural resources like petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, some marble, limestone, precious stones, natural gas and hydropower. ... More