Mawlamyine, April (22)

Regarding the directive that foreign currency received must be exchanged for Myanmar currency within one day, on April 20, the regime’s Central Bank released fresh lists of exemptions for organizations.

Foreign direct investment business under the Myanmar Investment Commission, investment entities in Special Economic Zones, and state or privately-owned international airlines are among the groups exempted.

In addition, UN employees, Myanmar citizens with UN travel documents, foreign personnel from development agencies and international organizations, and foreign diplomats, family members, and diplomatic staff were exempted.

The Central Bank, on the other hand, stated that in order to do so, the documents of those who come into contact with the bank must be validated.

On April 3, the central bank instructed foreign exchange earnings to be traded at Ks 1,850 to the US dollar at licensed foreign exchange banks within a day and now, more exemption lists have been issued.

Business people say exporters are facing losses as the dollars in the bank are being sold at the rate set by the central bank, which is around 2,050 kyats per dollar in the external market.

News – Than Lwin Times

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