Myanmar companies with 35% ownership of foreigners must convert foreign currency to Myanmar kyat

The Central Bank of Myanmar (CBM) made an announcement on 15 July, stating that Myanmar companies with 35 per cent ownership of foreigners must convert foreign currencies from their foreign exchange accounts to Myanmar Kyat, according to the decision of the Foreign Exchange Supervisory Committee (FESC)’s meeting No 32/2022.
According to the statement, the list of Myanmar companies with foreigners’ ownership up to 35 per cent has been sent together with the announcement to the foreign exchange authorized dealers (AD). The dealers are required to fill the blanks for the foreign currency account balance of the companies, which opened foreign exchange accounts in the respective banks through email by 6 pm on 15 July.
They will also be required to process the conversion of the foreign currency to Myanmar Kyat quickly and submit the amount to Bank-Customer (Bid) and Non-Trade Inward (Real Time-R) lists by 6 pm on 18 July.
If the instructions are not followed, action will be taken against the offenders under Section 35 of the Foreign Exchange Management Law.—TWA/GNLM