Companies owned 35 per cent by foreigners to have foreign currency exchanged with MMK
The foreign currency in the foreign currency account of the Myanmar companies which are owned 35 per cent by the foreigners shall have their foreign currency exchanged with Myanmar Kyats, according to the decision made at the
Foreign Currency Supervision Committee Meeting held on July 15.
The list of Myanmar companies which are owned 35 per cent by the foreigners has been sent to the Central Bank of Myanmar (CBM), it is learnt. And the CBM has already sent this list to the authorized dealer license holding banks together with the Notification issued by the Supervision Committee.
The AD license holding banks shall fill in the form mentioning the balance of the foreign currency account and send the forms via email by 6 pm on 15 July, it is learnt.
The outstanding balance of the foreign currency account shall be exchanged with Myanmar Kyat as fast as possible, and the amount purchased shall be reported in the Bank-Customer (Bid) and Non-Trade Inward (Real Time – R) accounts by 6 pm on 18 July.
Failure to abide by these instructions shall lead to the companies having action taken according to Article 35 of the Foreign Currency Management Act, it is announced by CBM.