Search within this web site:

 
you are here ::

Economy, Currency and Banking

black market rate, Central Bank of Myanmar, printing of currency, pya, unit of currency

The unit of currency is the kyat (6.52 kyats equal U.S.$1; 2000 average), which is divided into 100 pya. The black market rate in 1995 was 100 to 120 kyats to the U.S. dollar. A dual currency system allows foreign exchange certificates to be used for some transactions. An increase in the printing of currency to pay for urban reconstruction and beautification has contributed to a high inflation rate. In addition to the Central Bank of Myanmar (founded in 1990), the government operates a number of specialized banks. Foreign banks also operate in Myanmar in a limited capacity.



Article key phrases:

black market rate, Central Bank of Myanmar, printing of currency, pya, unit of currency, Foreign banks, beautification, dollar, average, transactions, increase, government, addition

 
 

Search within this web site: