The currency in Myanmar is called the Kyat (pronounced “chat”), and it has been on a rollercoaster of inflation over the last year.
Initially pegged at about 2000Kyat to the dollar, local banks are now offering an exchange rate of 6000kyat to the dollar, a 300% increase.
The highest denomination note seen below is a 10000 kyat note, which depending on the day is about $1.80 cents.
This means two things for those of us that earn in dollars and live on the local economy 1) buying things here is very cheap if you are a dollar earner and 2) you need to have a lot of cash on you.
That stack of cash is roughly $500, but seeing it piled so high and with rubber bands around it makes you feel super rich when you are here. Granted, $500 is about 1/3rd the average annual salary of a Myanmar citizen, so it is a lot locally, but most things on the economy are very inexpensive.
I pulled that initial $500 when I first arrived, converted it to local currency, and I still have probably $175 dollars left of it after nearly 2 months here, paying for nearly everything in cash, including multiple meals per week out on the town. Here is an example of what things cost here:
- 90 minute massage in a nice spa (53000Kyat or $9.00)
- 20oz draft beer in a bar/restaurant (5000kyat or $0.85)
- Large Pizza from Pizza Hut (40000kyat or $7.00)
- Coffee or tea in a fancy cafe (5000kyat or $0.85)
- Meal in a nice restaurant (20000kyat or $3.40)
- Meal in a casual restaurant or fast food (10000kyat or $1.70).
- Uber across town (12000 kyat or $2.00)
- A 10 day supply of groceries at a fancy western grocery store (150000kyat or $25.00)
- Tickets to see the new Twisters movie with soda and popcorn in a swanky theatre (25000kyat or $4.20)
As you can see, daily life here is incredibly affordable. Which sort of adds even further to one of the reasons I decided to extend here an extra year which I mentioned last week. If I am going to be away from my family, at least it’s in a place that I can live a high quality of life while still saving a small fortune.
There also isn’t a strong tipping culture here, so even leaving someone a 10000kyat note, or less than $2 really makes their day, and hopefully goes a little bit to making their lives a little easier in a complex time for their country. Ultimately, our presence here is to support the people of Myanmar do exactly that. -Nick
