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. […]