On August 7, the Central Bank of Myanmar (CBM) issued notification 37/2024 with measures aimed at boosting the foreign exchange supplies in the market and mitigating foreign exchange losses for exporters. Starting from August 8, 2024, there is a new requirement for exporters to convert 25% of their foreign currency revenues into Myanmar Kyat at the reference rate, which is about MMK2,100 per USD. (more…)

The Agent Banking Directive No. (1/2024) was released by the Central Bank of Myanmar (“CBM”) on February 6, 2024, and became effective immediately. Agent banking can help developing economies offer banking services to people who do not have bank accounts and increase the rate of financial inclusion in an economy. (more…)

On 13 July, the Central Bank of Myanmar (CBM) issued notification 15/2023 taking steps to increase the availability of foreign exchange available on the market and reduce the effects of foreign exchange losses for exporters. (more…)

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…)

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…)