Central Bank of Myanmar requires foreign currency to be converted into Myanmar Kyat

On 3 April 2022, the Central Bank of Myanmar (“CBM”) issued a directive and a notification relating to the conversion of foreign currency income into Myanmar Kyats. This is applicable to all authorised dealer licence banks (“AD Banks”). Both Directive No. 4/2022 and Notification No. 12/2022 came into immediate effect upon their issuance.

Directive No. 4/2022 instructs banks that hold an authorised dealer licence (“AD banks”) to convert income, whether from trade or non-trade sources, received from overseas into Myanmar Kyats within one working day of the receipt of those funds. This directive applies to both companies and individuals.

The Directive specifies that this conversion should be done at the rate of MMK1,850 to US$1 with the conversion of other foreign currencies to be made at rates prescribed by the CBM in the Directive.

Source: Central Bank of Myanmar

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