Myanmar relaxes currency conversion order for traders at China, Thailand borders

The Central Bank of Myanmar (CBM) has extended the time span of compulsorily converting foreign currencies into kyats for exporters trading at the borders with China and Thailand.

According to a directive issued by the central bank on Tuesday (April 26), exporters trading under China-Myanmar and Thai-Myanmar border trade programmes no longer need to compulsorily convert their export earnings in foreign currencies into kyats within one working day.

Meanwhile, the central bank has directed the exporters to compulsorily convert their earnings in foreign currencies into kyats within one month.

The central bank also instructed designated authorised dealer banks to examine the compulsory putting of exporters’ earnings into the state’s bank account for export earnings.

Additionally, the central bank allowed the importers to make payments in foreign currencies at designated banks without approval from the Foreign Exchange Supervisory Committee.

Source: Xinhua

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