Foreign Exchange Supervisory Committee formed to supervise currency use

The State Administration Council issued Order No (28/2022) that it organized the Foreign Exchange Supervisory Committee to conduct functions for stable exchange rate and effective usage.
It said the committee will scrutinize the currency expenditures of Myanmar citizens who go abroad for medical treatment, education and religious matters.
Moreover, it will supervise the use of currency in the services including local/foreign investment, manufacturing industries, exports/imports, education and health. It will also examine the general utensil import, repayment of loans and interest to foreign countries, service fees and transfer of profits from investments.
It will also monitor the imports of needed types of machinery for investments and manufacturing sectors in local and things and raw materials for production industries.
Moreover, it will supervise the spending of foreign currency on importing fuel, medicine, oil, fertilizer, insecticide and construction materials that cannot be bought locally. — TWA/GNLM