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

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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

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