Myanmar exempts foreign businesses, NGOs from forex rules

Myanmar officials say the military-led government will exempt approved foreign investors, embassies, United Nations agencies and non-government organizations from its rules requiring the conversion of foreign exchange into the local currency.

Aung Naing Oo, the army-installed government’s minister for Investment and Foreign Economic Relations, said Thursday that details of the central bank’s new rule were being worked out.

The army-installed government’s minister for Investment and Foreign Economic Relations, said Thursday that details of the central bank’s new rule were being worked out. But he said foreign companies and others qualifying would be given an automatic exemption.

The Bank of Myanmar’s announcement that foreign currency bank holdings must be converted to kyats within one day raised protests from foreign governments and business organizations and told foreign reporters in an online briefing there would be “no additional burden” for foreign investors.

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