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…)

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…)