CBM urges public not to keep foreign currencies without permission

The Central Bank of Myanmar yesterday issued a public notice saying those who keep foreign currencies without permissions or licences will be taken action under the Foreign Exchange Management Law.
The CBM issued a similar notice before in its effort to encourage the people not to keep foreign currencies.
The 20 August notice also referred to Paragraph 15 of the Foreign Exchange Management Rules, issued as Order No 7/2014 by the Central Bank of Myanmar dated 30 September 2014 which states “A resident can possess, for up to six months from the date of receipt, US$ 10,000, or other types of foreign currency in an equivalent amount, if obtained legally by this person.
“If the foreign currency is not used within six months, it shall be sold to, and exchanged by, foreign exchange dealing licence holders at the market price or deposited in a bank account.”
The notice also said under Section 9 of the Foreign Exchange Management Law, purchases and sales of foreign exchange can be carried out only by foreign exchange dealing licence holders in terms of cash and traveller’s cheques. — GNLM/TH