CNI News

21 August 2023

If anyone was found holding foreign currencies without permission or license, he or she would be taken action against in accordance with the Foreign Exchange Management Law, warned the Central Bank of Myanmar on 20th August. 

According to the Section.9 of the Foreign Exchange Management Law, business license holders only has the right to trade foreign currencies and they are allowed to trade only foreign currency cash and traveler's checks, said the Central Bank.

In the notice of order No. 7/2014, Article 15 of Foreign Exchange Management Regulations which was released on 30th September, 2014 by the Central Bank of Myanmar, has mentioned 'a resident inside the country has the rights to hold 10,000 US dollars at most or a certain foreign currency that is equal to 10,000 US dollars that has been earned legally within the six months from the day when it is earned.

'The foreign currencies that are left without being spent until over six months must be sold to authorized dealers at the market price or must be added to the bank account. If anyone holding foreign currency without having a license was found, he or she would be taken action against according to the Foreign Exchange Management Law, released the Central Bank on 20th August.

It is not easy in practice to investigate and take action against those who are holding US dollars which they got from exchanging with Myanmar kyats because the value of Myanmar currency is declining. 

Moreover, because of weak trust in the government, the public cooperation also is weak, said businessmen.

Besides, those who make speculations on the prices of gold and dollar and raise the prices tend to speculate whenever the Central Bank releases a new statement and the more the SAC restricts, the bigger the black market is, which should be beware of, said businessmen