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Myanmar central bank says FX deposits should be converted into local currency

Myanmar central bank says FX deposits should be converted into local currency

FILE PHOTO: Stacks of Myanmar kyat are seen on the counter before a client collects them, at a bank in Yangon, Myanmar October 19, 2015. REUTERS/Minzayar

Myanmar's central bank said foreign exchange earned by locals must be deposited in accounts at licensed banks and exchanged for the domestic kyat currency within one working day.

In a notification dated April 3 and published in state media on Monday (Apr 4), the central bank said it would issue exemptions to the rule separately and that foreign currency transferred abroad should be done though the licensed Foreign Exchange Trading banks.

 

 

Source: Reuters/ta

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