Exemption from Foreign Currency Restrictions revoked–DICA
The Department of Investment and Companies Registration (DICA) on 13 July issued an announcement which revokes grant of exemption from Foreign Currency Restrictions provided to the companies which have over 10 per cent of foreign investment, it is learnt.
In June, those companies which have over 10 per cent of foreign investment were granted exemption from foreign currency restrictions. The AD license holding banks have been notified of the revocation of this exemption.
The decision to revoke the exemption was reached at a meeting held beween the AD license holding banks and the Central Bank of Myanmar (CBM) on 7 June.
During the meeting, Notification 12/2022 was clarified, it is learnt. And under this Notification, the exemption was revoked.