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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3 mins read · Sat July 16, 2022
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).
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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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1 mins read · Thu April 7, 2022
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.
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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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2 mins read · Mon February 7, 2022
The list of goods which require a licence has recently been changed with an updated list of goods taking effect on 1 January 2022 and a further update to the list will come into effect from 1 March 2022.
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3 mins read · Fri January 14, 2022
The Social Security Board (SSB) has changed how it calculates and how it reimburses maternity costs incurred at private medical facilities. This is applicable for all workers insured under Myanmar’s social security scheme. Changes to maternity entitlements, result from Directive No (7) 2021 issued by the SSB on 7 December 2021 with letter No.0905/3/LaMaPha(Med)2021(10927) (Directive).
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1 mins read · Mon December 27, 2021
We are delighted to be a contributing firm to the Insolvency Guide with Chambers Global Practice Guides. Our commentary on insolvency in Myanmar provides expert insights on the current development and trends relating to insolvency in Myanmar. We review the implementation of the new insolvency regime in the context of the challenges facing the country.
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3 mins read · Sat September 25, 2021
As part of Myanmar’s path of economic liberalisation embarked on a decade ago, Myanmar moved away from a managed exchange rate, through a managed currency float. Starting from April 2012 Myanmar had an exchange rate set by the Central Bank of Myanmar (CBM) which was based on the market exchange rate with some restrictions on […]
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