1 mins read · Fri September 6, 2024
The Central Bank of Myanmar issued a letter on 2 September advising that foreign currency to import fuel oil and palm oil can be sourced from up to 75% of foreign currency earned through trading, CMP business operations, and sales of minerals and natural resources (adjustments to be made for certain exempted businesses).
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3 mins read · Fri September 6, 2024
The Ministry of Labour has recently issued Notification 108/2024, dated 28 August 2024 requiring Myanmar citizens working abroad to remit 25% of their wages back home. This is in addition to the 2% income tax that many overseas Myanmar workers must already pay.
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2 mins read · Thu August 15, 2024
The Central Bank policy interest rate is to increase from 7% to 9% from 1 September 2024.
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2 mins read · Thu August 8, 2024
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 […]
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4 mins read · Tue February 13, 2024
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.
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2 mins read · Fri July 14, 2023
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.
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2 mins read · Tue June 27, 2023
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.
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11 mins read · Sat July 16, 2022
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 […]
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1 mins read · Thu April 7, 2022
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.
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2 mins read · Sat April 2, 2022
The Myanmar financial sector has been through a tumultuous year because of the impacts from the Covid pandemic and instability following the assumption of power by the military on 1 February 2021.
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