Why do the USD need to be PERFECT ???
Replies: 20 - Last Post: Nov 24, 2012 4:19 PM Last Post By: PleistoceneMega...
Nov 21, 2012 6:32 PM
Why do the USD need to be PERFECT ???So I've been trying to figure this out money thing.
I have more questions than answers here!
Surely there has to be some kind of logic to this madness... right?
Why does the USD need to be in perfect condition? I personally have no idea why.
Who is at the head of the pyramid collecting all this mint USD? Why do they want it in that condition? Even if it is acceptable in just about every other country?
What are the sources of crispy clean mint condition USD in Myanmar? Foreigners coming in and out? Even so aren't large quantities of cash to be declared at the border, which would stem the flow of very large cash inputs (millions of dollars)?
Do the banks even deal in USD? Do they have arrangements in which they can bring large quantities of USD into the country? I doubt it.
Is the executive order, signed by President Bush on July 28, 2003 still imposed thus banning the exportation of financial services to Myanmar? Is this why the whole dilemma exists in the first place?
Even as a tourist, an individual may have to lie and say that they are not going to Myanmar when they exchange to obtain US currency.
What happens to the USD that is not in perfect condition? Is it thrown away? What use is it? Can the locals get rid of it in any way other than travelling overseas?
Please help me understand this bizarre situation!!!
Nov 21, 2012 7:12 PM
1The basic answer to this is that their own currency is not reliable. It fluctuates all the time and at the present moment is heavily artificially deflated. This economy is doomed for collapse in the next few years due to their unhealthy explosion of real estate development and surely not enough 5-star hotel tourists and interested investors.
Since this will surely occur in the near future, this means that any money changer is probably hoarding US dollars since they are far more reliable than the Kyat. Only foreign tourists and employees here see the USD, which I assume are just filtered through the system as more money is brought into the country.
I could be wrong about all this, but as far as I've heard while living here for the past 3 months, this is the case. Burmese are also extremely superstitious, not taking certain serial noted 100s (they seriously believe that "CF" stands for "counterfeit").
DO NOT come without all your money in 100 dollar bills. You CANNOT get more money here, except from ONE company in Yangon who will charge you a 10 percent charge on your exchange. If your currency is tattered in ANY way, it will NOT be accepted. Bad looking US bills do not exist here.
The Bush legislature towards Myanmar is being lifted soon, as far as I understand. I see ATMS being installed, but only for Myanmar banks.
Nov 21, 2012 7:42 PM
Nov 21, 2012 7:43 PM
Nov 21, 2012 7:55 PM
Nov 21, 2012 8:03 PM
Nov 21, 2012 9:17 PM
Nov 21, 2012 10:12 PM
7Why question it? That's the way it is. Burma is a quirky place, that's why we love it.
Used to be quirkier..you had to exchange money from shadey street money-changers, it had all the charms of a dope deal ( i don't really miss THAT part hahaha!...well maybe a little)
You had to have a perfect crisp $20 bill to exit the country. No 20...no go...ask the 2 Austrians I left behind in 2006..sorry pals...that was MY last 20...
Don't worry with the advent of Dumb-ocracy, you'll soon have Mc Donald's, Starbucks and Taco bell at Sule Pagoda rd. I'm sure they'll take your crappy bills.
Nov 21, 2012 11:31 PM
8Topple....take a mixture...but use your $100 notes for changing into Kyat as it is the best exchange rate....but yes you can change any denomination note into Kyat.
Use your smaller notes to pay for your accommodation, any overnight train/boat trips, zone access fees, etc.
When you pay for your accommodation you can get change in $US or Kyat....so eg. you pay $42 for your accommodation with a $50 you can get a $5 and 3x $1...it is a good way to keep your stash or smaller notes topped up...but check any $US you get as change as they sometimes try to offload some dodgier notes they have got stuck with from some other tourist...but they will always try and find better quality notes if they have them, if not then take Kyat as change.
PS. also take some $5 and a few $1...(or get some in change as mentioned above) as they are handy for things like zone entrance fees (Inle is $5)
Nov 22, 2012 12:06 AM
Nov 22, 2012 8:27 AM
Nov 22, 2012 12:49 PM
11The reason is simple, only a short time ago Myanmar was boycotted by governments of the USA and European Union. All US dollar bills and euros the authorities in Burma collected and that possibly were not good enough to stay in roulation could not be changed back for fresh bills in the USA or Europe.Now that Myanmar is getting more accepted in the financial world things should get more relaxed.
Nov 22, 2012 7:02 PM
12ATMs are available for use now at Central Bank of Myanmar, including 2 at the airport, but only MasterCard at the moment, you can use debit cards also with the Maestro or Cirrus sign.
Nov 23, 2012 12:10 AM
Nov 23, 2012 12:36 AM
14Money only works because people believe in it. In Burma, people don't believe in crumpled notes because people don't believe in crumpled notes. They take one, they can't pass it on to someone else, so they don't take it. Which makes it harder to pass it on.
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