CBM directs taxpayers in foreign currency to open FE accounts at state-owned banks

The Central Bank of Myanmar (CBM) asked taxpayers in foreign currency to open foreign currency accounts at state-owned banks including Myanma Economic Bank (MEB), Myanma Investment and Commercial Bank (MICB) and Myanma Foreign Trade Bank (MFTB).
Additionally, the CBM directed the private banks not to convert the foreign currency into Kyat and transfer them to the MEB accordingly if the taxpayers open a foreign currency account with the money that is supposed to be tax liability at the private banks and foreign bank branches, as per the notification 2/2023 dated 25 January 2023.
When the authorized dealers (private banks and foreign bank branches) transfer those tax liabilities to the MEB, MFTB and MICB, the taxpayers must bear the conversion fee for the SWIFT transactions. If they do not want to bear the extra banking charges, they are advised to open foreign currency accounts at the MEB, MFTB and MICB respectively. – TWA/EM