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Foreign Currency Restrictions

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With the notification 12/2022 from 3 April 2022, the Central Bank of Myanmar announced that all foreign earnings have to be converted into Myanmar Kyat within one working day at a fixed rate of 1.850 MMK per US Dollar. 
   
After complaints from several business chambers and the outcry of the business community in general, the CBM issued another notification exempting:
  • Foreign direct investment operating under a permission of the Myanmar Investment Commission (MIC);
  • Investments operating in a special economic zone;
  • Diplomats and their family members; 
  • UN employees;
  • Foreign employees from foreign development agencies.
   
Local transactions in foreign currency are currently not possible, and transactions to foreign countries require the pre-approval of the Central Bank of Myanmar, and mostly also from the responsible Ministry.

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