Companies with more than 35% foreign shareholdings are now entitled to the following relaxation

Myanmar Bank

Our TCF would like to share new information received from one of the foreign banks relating with Foreign Currencies (FCY) from the Central bank of Myanmar as follows with immediate effect.

  • Companies with more than 35% foreign shareholdings are now entitled to the following relaxation.
  • It is allowed to maintain Foreign Currencies (FCY) without converting to Myanmar Kyats (MMK) and these FCY can be utilized for two means: 1) Payment for self and 2) Sell to the bank.
  • For any kind of oversea remittance payment not related with trade, Foreign Exchange Supervisory Committee (FESC) Approval is required.
  • Companies that are exporting agricultural and livestock products must convert 65% of export proceeds from agriculture and livestock products exporting to MMK within 1 working day.
  • And remaining 35% can be utilized for 1) Payment for self 2) Sell to bank and 3) Sell to others within 30 days from the date of export proceeds receipt.

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