Myanmar Forms Foreign Exchange Supervisory Committee

The Myanmar State Administration Council published Order No. 28/2022 (“Order”), dated 4 April 2022, that provides for the establishment of the Foreign Exchange Supervisory Committee (“FESC”), its appointed members, and its functions.

The members of the FESC include Union Government Ministers, a member of the State Administration Council, the Union Auditor-General and the Chairperson of the Central Bank of Myanmar.

The FESC supervises the flow of foreign currencies for domestic and foreign investment, manufacturing, exports and imports, and service businesses (including education- and health-related initiatives). The FESC is specifically responsible for considering and approving the use of foreign currency for the following:

  • Importation of machines, machinery needed for domestic investment and manufacturing businesses and
  • equipment and raw materials needed for manufacturing;
  • Importation of fuel, medicines, edible oil, fertilisers, insecticides and construction materials that are not available locally, which are needed for the livelihoods of the people;
  • Citizens’ social matters such as going abroad for medical treatment, educational and religious purposes;
  • Importation of general goods, repayment of offshore loan principals and interest, and repatriation of profits from investments;
  • and Importation of luxury goods where necessary.

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