CBM urges May Bank to participate in remittances of Myanmar workers from Malaysia to home

Daw Than Than Swe, Governor of the Central Bank of Myanmar, urged May Bank Yangon Branch to arrange cooperation of the Malaysia-based May Bank in diverting the remittances of Myanmar workers to Myanmar during a meeting with Myanmar representatives from Yangon branch of May Bank on 14 January.
They discussed current foreign currency market development, including the issue on remittance of salaries and wages of Myanmar nationals in Malaysia, operations in the Inter-bank market and trade payments, and May Bank’s operation after opening a branch in Myanmar. They also focused on the policies of the head office and added that they wanted the direction of the Central Bank.
The Central Bank of Myanmar has instructed all to transfer the wages/salaries earned in foreign currency by the expatriate Myanmar citizens through official channels and has announced that it will allow to spend such incomes freely.
Since 2014, May bank has received a domestic banking licence and it started operating its Myanmar branch in 2015 with a net currency amount of US$ 75 million. —TWA/KZW

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