Remittances of Myanmar citizens abroad tops $6 billion within 8 years

19
The office of the Central Bank of Myanmar-CBM (Yangon Branch).

The remittances of Myanmar citizens abroad reached over $6.152 billion within eight years, said Union Minister for Labour Dr Pwint San during a coordination meeting on making remittances through official banks held on Monday.
The Union minister said the money transferred by Myanmar citizens abroad to their family members is from Malaysia, Thailand, Singapore and other countries. Such remittances support the foreign currency demands of local exporters and importers.
Regarding the salaries of Myanmar citizens abroad, it is free to use the foreign currency for themselves, resell or transfer to others. Those who bought the foreign currency have to resell them to the government at the reference rate of the Central Bank of Myanmar within 21 days.
The remittances of Myanmar migrant workers play a key role in the development of the country and foreign income growth and so migrant workers are sent to foreign countries after reviewing them systematically.
On 30 August, the Central Bank of Myanmar released a statement that Myanmar citizens abroad can use their salaries in foreign currency freely.
Arrangements are being made to open saving accounts for Myanmar migrant workers by cooperating with local private banks to prevent them from being cheated out of their salaries.
Moreover, the Internal Revenue Department announced that Myanmar citizens abroad will be exempted from paying taxes for buying vehicles, basic commodities and investments locally if they remit money via an official system. — TWA/GNLM

Share this post
Hot News
Hot News
Appointment of Head of Service Organization
59th Gems Emporium to feature pearls, gemstones, and jade sets
Lacquerware Technology College prepares multifaceted welcome for foreign visitors
Chairman of SSMNC receives Chinese Ambassador to Myanmar and party
Myanmar-Russian armed forces exchange honorary medals for further cementing strategic partnership relations, military and civilian technological cooperation
NSPNC meets representatives from seven NCA-signatory EAOs
Commemorative ceremony marks 8th Anniversary of Mekong-Lancang Cooperation (MLC)
Thai Ambassador calls on MoHT Union Minister
MoRAC DM-led delegation arrives back after 31st meeting of ASCC
Chinese Ambassador calls on DPM MoFA Union Minister