Wednesday, August 10, 2011

Where to exchange Myanmar Kyat?

"Do you know where to exchange Myanmar Kyat in Malaysia? Myanmar Kyat have been RV on 2 April 2012, with the Myanmar Kyat RV, I maybe will become a millionaire. I had been asking almost all Money Changers in Kuala Lumpur, Subang Jaya and Shah Alam but I cannot find any that will exchange my Myanmar Kyat Banknote. I have 5000 Kyat notes that my friends give to me as a gift. I also asked some of my Myanmar friends but they don't know where to exchange Kyat in Malaysia."
5000 kyat
Why people suddenly asking for Myanmar Kyat?
Many people had been cheated on buying Myanmar Kyat. They were been told that Kyat will be going up against USD one day. A recent news about a statement by Myanmar Union Minister of Finance and Revenue U Hla Tun said that Myanmar is deliberating to readjust its official foreign exchange rate in a bid to stabilize domestic foreign exchange market. Myanmar will coordinate with International Monetary Fund in the move. In a simple terms, Myanmar will revalue its Kyat. The sellers are using BNM Ringgit Foreign Exchange Rates (BNM are using new exchange rate now), as an excuse to sell the notes.

BNM Ringgit
The truth about Myanmar Kyat
What they don't know that Myanmar Kyat had been selling in the black market since 1990. Bank and Money Changer in Malaysia will not accept it unless you exchange using the black market price. The Black Market rates and the official foreign exchange rates are totally different. BNM is using official foreign exchange rates but the truth is Myanmar Kyat has always been traded using a black market rate which takes into account the standing of Myanmar national economy. At the moment the official foreign exchange rate is MMK6.7 to USD1 but actually the price is MMK830 to USD1 in the street market.

My Answer
I am not sure how many people had been cheated buying the notes since it is not easy to get Myanmar Kyat. Unless you go to Myanmar and exchange it with USD. Not many people realize that Malaysia Bank and Money Changer will not accept Myanmar Kyat according to their official foreign exchange rates. Answering to the question given, "You can exchange Myanmar Kyat if you want to use Black Market price", that is my answer.