Myanmar allows private money changers

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money-changer-centreThe Central Bank of Myanmar has allowed three private companies to open foreign exchange counters in the country in addition to those run by private banks, according to a report in the state-run newspaper The New Light of Myanmar on March 7.

The move is aimed at making it easier for travelers to get their foreign currency exchanged into the local kyat as well as to open additional lines of foreign currency inflow into the newly opened economy.

Since February 1, 2012, the Myanmar government has eased foreign currency exchange control by allowing exchange of up to $10,000 into Myanmar kyat without any documentation.

Currently, 18 private banks are operating 212 money exchange counters in the country at their branches, as well as at airports, hotels, shopping centers and major tourists destinations.

The Myanmar government has revamped its monetary policy in 2012 and set a daily rate of 818 kyat per US dollar in April with the intention to keep the rate in a close band. However, on March 7 the kyat was traded at 867 to 1 US dollar.

For businesses and individuals, state and private banks have also been authorised to admit the opening of foreign currency accounts in US dollars, euros and Singapore dollars as well as FEC (foreign exchange certificates).

The service facilitates exporters, importers, companies, organisations, hotels, travel and tours companies, airlines and individuals in dealing with their balance of foreign currencies purchasing and selling by account transfer.

Exporters are allowed to open such foreign currency accounts with Letter of Credit (LC) accounts.

However, the opening of foreign currency accounts at private banks is limited to government departments, state-owned economic enterprises, joint ventures with these, as well as foreign embassies and diplomats which can do it only with the state-run Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank.

Previously, the only two state banks were allowed to undertake such foreign currency dealing services.

The new regulations, aimed at getting rid of black market exchange, apply to both Myanmar citizens and foreigners.

Moreover, four Myanmar private banks including Cooperatives Bank, Kanbawza Bank, Asia Green Development Bank and Ayeyawaddy Bank have also been allowed to handle remittance to the homeland from Myanmar migrant workers working in Singapore, Thailand and Malaysia starting February 2013.

 

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Reading Time: 2 minutes

The Central Bank of Myanmar has allowed three private companies to open foreign exchange counters in the country in addition to those run by private banks, according to a report in the state-run newspaper The New Light of Myanmar on March 7.

Reading Time: 2 minutes

money-changer-centreThe Central Bank of Myanmar has allowed three private companies to open foreign exchange counters in the country in addition to those run by private banks, according to a report in the state-run newspaper The New Light of Myanmar on March 7.

The move is aimed at making it easier for travelers to get their foreign currency exchanged into the local kyat as well as to open additional lines of foreign currency inflow into the newly opened economy.

Since February 1, 2012, the Myanmar government has eased foreign currency exchange control by allowing exchange of up to $10,000 into Myanmar kyat without any documentation.

Currently, 18 private banks are operating 212 money exchange counters in the country at their branches, as well as at airports, hotels, shopping centers and major tourists destinations.

The Myanmar government has revamped its monetary policy in 2012 and set a daily rate of 818 kyat per US dollar in April with the intention to keep the rate in a close band. However, on March 7 the kyat was traded at 867 to 1 US dollar.

For businesses and individuals, state and private banks have also been authorised to admit the opening of foreign currency accounts in US dollars, euros and Singapore dollars as well as FEC (foreign exchange certificates).

The service facilitates exporters, importers, companies, organisations, hotels, travel and tours companies, airlines and individuals in dealing with their balance of foreign currencies purchasing and selling by account transfer.

Exporters are allowed to open such foreign currency accounts with Letter of Credit (LC) accounts.

However, the opening of foreign currency accounts at private banks is limited to government departments, state-owned economic enterprises, joint ventures with these, as well as foreign embassies and diplomats which can do it only with the state-run Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank.

Previously, the only two state banks were allowed to undertake such foreign currency dealing services.

The new regulations, aimed at getting rid of black market exchange, apply to both Myanmar citizens and foreigners.

Moreover, four Myanmar private banks including Cooperatives Bank, Kanbawza Bank, Asia Green Development Bank and Ayeyawaddy Bank have also been allowed to handle remittance to the homeland from Myanmar migrant workers working in Singapore, Thailand and Malaysia starting February 2013.

 

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