doing business in myanmar – what you need to know as a singaporean
Usage of prepaid cards from four international payment providers will not be permitted in the local currency, the Central Bank of Myanmar (CBM) said on July 25.
In a statement signed by CBM Director General Daw Myint Myint Kyi of the Accounts Department, the CBM noted that prepaid cards are being used to settle payments in Myanmar kyat at domestic shopping malls and restaurants.
It told private banks that it had allowed prepaid cards from Master, Visa, UPI and JCB with a limit of US$5000 to be used as payment options by Myanmar nationals going abroad as well as foreigners in Myanmar. However, prepaid card payments in the local currency are not allowed.
All private banks have been instructed to provide the prepaid card service within the CBM’s framework. In addition, the banks will have to submit a reply to the Accounts Department before August 9 to acknowledge receiving the CBM’s instruction.
Source: Myanmar Times
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