Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
 Issue 1 - Jan/Feb/Mar 2023
 

Foreign Companies Exempted from Mandatory Conversion of Foreign Currency

The Central Bank of Myanmar has issued Letter No. FE-1/2861 (Ka) ("Letter") on the application of mandatory foreign currency conversion rules. The Letter, released on 30 December 2022, provides that foreign companies holding shares of more than 35% are exempted from complying with the requirement of mandatory currency conversion. These foreign companies can use and sell the currency to authorised dealing banks (or AD Banks). However, if they intend to carry out outward bound remittance, they should seek the consent of the Foreign Exchange Supervisory Committee.



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

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