Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
 Issue 2 - Apr/May/Jun 2021
 

Possible Cash Withdrawal Ceiling for Microfinance Institutions

On 19 May 2021, the Financial Regulatory Department ("FRD") under the Central Bank of Myanmar ("CBM") issued a letter requiring licensed Microfinance Institutions ("MFIs") to provide a one-time information report to CBM on the expected cash withdrawal amount over a one-week period. Referring to the CBM Directive 28/2021 setting cash withdrawal restrictions to companies to MMK 20,000,000 per week, the letter states that CBM intends to set a different cash withdrawal limit for MFIs in order to ease their operations. This new limit/ceiling for MFIs has yet to be published by CBM. 



Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

Rajah & Tann
Myanmar Company Limited
Junction City Tower,
No.3A Bogyoke Aung San Road,
Level 13, Unit 13-04, Pabedan Township,
Yangon, Myanmar
http://mm.rajahtannasia.com

Contacts:

Dr Min Thein
Managing Partner
D +951 9345343
F +951 9345348
min.thein@rajahtann.com

Chester Toh
Director
D +65 62320220
chester.toh@rajahtann.com

Jainil Bhandari
Director
D +65 62320601
jainil.bhandari@rajahtann.com

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update.