Diplomatic Briefing

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Newsline: Myanmar officials say embassies exempt from forex rules

Myanmar is exempting approved foreign investors, embassies, United Nations agencies and non-government organizations from its rules requiring conversion of foreign exchange into the local currency, officials said Thursday. Aung Naing Oo, the army-installed government’s minister for Investment and Foreign Economic Relations, said Thursday in an online briefing that details of the central bank’s new rule were being worked out. But he said foreign companies and others qualifying would be given an automatic exemption. That includes businesses operating in Myanmar’s only special economic zone, Thilawa, south of the biggest city, Yangon. “There will be no additional burden to businesses because of the notification of the Bank of Myanmar,” he said. “We have already expected, anticipated there will be some negative impact. . . .” (https://abcnews.go.com/Business/wireStory/myanmar-exempts-foreign-businesses-ngos-forex-rules-84209565) The Bank of Myanmar’s announcement that foreign currency bank holdings must be converted to kyats within one day of their receipt appeared aimed at alleviating a shortfall in hard currency following a Feb. 1, 2021 military takeover that ousted the elected government of Aung San Suu Kyi.

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