On 5 December 2023, the Central Bank of Myanmar (“CBM”) issued a directive to authorized dealer banks, stating the following:
- CBM will no longer determine the exchange rates on the online trading platform, and
- the exchange rates will be determined by market forces, influenced by the exchange rate proposals submitted by those engaging in foreign currency transactions within the market.
Furthermore, regarding the offshore remittance of the foreign currency funds acquired through the online trading platform, the directive states that the remittance should be made pursuant to the procedures established by the Foreign Exchange Supervision Committee to facilitate the smooth and compliant execution of such currency transfers.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
