Central Bank to add 30 Ks on remittances of Myanmar citizens living abroad

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Yangon, October (30)

The authorities will provide an additional 30 kyats as assistance cash on the remittance of the wages of Myanmar nationals abroad, according to the statement released by the Central Bank of Myanmar on October 28.

According to the Central Bank, salary money must be transferred through AD banks, and any additional cash will be deposited in their accounts on the day of their cash withdrawal.

According to the Central Bank’s statement, the government will honor Myanmar citizens who earn foreign exchange for the country, and it will be effective on November 1, 2022.

According to an economist, the central bank’s statement did not mention the foreign exchange rate, and if an additional 30 kyats were added to the 2100 kyats per US dollar, there would be no one to transfer money.

The economist pointed out that because the additional 30 kyats granted by the central bank is not mentioned in the budget list, we must keep an eye on where it will be spent.

The open market exchange rate for one US dollar now ranges from 2,850 to 3,000 kyats, although the central bank’s official reference price is set at 2,100 kyats per US dollar.

On September 8, the central bank instructed private banks to purchase the foreign wages of sailors at the highest possible rate, after which the private banks exchanged one dollar at the rate of 3,000 kyats.

The Internal Revenue Department of the Military Council has given incentives to Myanmar citizens abroad that they will be exempted if they use money legally transferred from abroad to purchase vehicles and basic goods, as well as construction and investment.

On August 31, the Central Bank announced that the wages earned in foreign currency by Myanmar nationals working abroad can be officially remitted through AD banks and used as they wish.

News – Than Lwin Times

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