The Central Bank of Myanmar (CBM) has introduced further measures to control remittances of foreign currency. The CBM issued letter – FE-1/789 (CBM Letter) on 21 June 2023 which requires banks to submit to the CBM a list of companies which are intending to buy foreign currency. (more…)

Up until now Myanmar regulators have allowed foreign involvement in banks, mobile money and microfinance. While the laws did not exclude foreign investment in other parts of the financial system, the CBM had not directly approved foreign ownership in other kinds of non-bank financial institutions (NBFIs). (more…)

Without warning on 3 April 2022 the Central Bank of Myanmar (CBM) issued notification 12/2022 and directive 4/2022 to impose foreign currency controls which will have a profound impact on businesses operating in Myanmar. This was followed up with directive 5/2022 and directive 6/2022 on 5 April 2022, and further announcements are expected as these major policy changes are worked through. The key implications of this volley of regulatory changes can be found in the Annexure of the PDF version of this article. (more…)

On 7 April 2022 the Central Bank of Myanmar (CBM) issued a letter effectively cutting spending limits on Myanmar issued credit cards and prepaid debit cards in half. (more…)

The Ministry of Commerce (MOC) announced in its latest newsletter no. 6/2022 that it will be cracking down on imports arriving without the necessary licences in place. (more…)