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Myanmar
Myanmar Allows Market Exchange Rates For Online Platforms And Relaxes Conversion Rules For Exporters
Tilleke & Gibbins
In a significant development on December 5, 2023, the Central Bank of Myanmar (CBM) issued Letter No. FE-1/2937 granting authorized dealer licensed banks (ADLBs)...
Tilleke & Gibbins
On August 21, 2023, the Central Bank of Myanmar (CBM) issued a public notice in local newspapers reiterating the rights and obligations associated with holding and exchanging foreign currency.
Tilleke & Gibbins
On August 14, 2023, the Central Bank of Myanmar (CBM) approved the Thai baht (THB) as a permissible currency for international payments and settlement transactions.
Tilleke & Gibbins
On July 13, 2023, the Central Bank of Myanmar (CBM) lowered the percentage of export income in foreign currency that must be converted into Myanmar kyat (MMK)...
Tilleke & Gibbins
In April 2022, Myanmar's State Administration Council established the Foreign Exchange Supervisory Committee (FESC) to approve foreign currency conversion...
Tilleke & Gibbins
On April 25, 2023, Myanmar's Ministry of Planning and Finance issued a standard operating procedure (SOP) requiring entities and individuals remitting foreign currency equivalent...
Tilleke & Gibbins
In this update, Myawaddy, Tachileik, Myeik, Kawthoung, Mawtaung, and other approved border trading zones are identified as open to the THB-MMK mechanism.
Tilleke & Gibbins
On October 21, 2022, the Financial Action Task Force (FATF) added Myanmar to the list of high-risk jurisdictions having significant deficiencies to counter money laundering, terrorist financing, and financing of proliferation.
Rajah & Tann
On 21 October 2022, the Financial Action Task Force ("FATF") added Myanmar to a group of high-risk countries, known as the "blacklist", citing its failure to make enough progress in addressing illicit financial flows.
Tilleke & Gibbins
Throughout 2022, the Central Bank of Myanmar (CBM) has implemented a series of rules surrounding the compulsory conversion of foreign currency balances in the country.
Tilleke & Gibbins
On August 5, 2022, the Central Bank of Myanmar (CBM) adjusted the country's official reference exchange rates. The new rate for US dollars is USD 1 to MMK 2,100—up from the previous rate of USD...
Tilleke & Gibbins
The Central Bank of Myanmar (CBM) issued a letter on September 7, 2021, notifying all banks, financial services companies, and mobile financial service providers about a change...
Tilleke & Gibbins
On January 26, 2021, the Central Bank of Myanmar published Notification 1/2021 in relation to non-banking financial institutions...
Dentons
The Central Bank of Myanmar (CBM) continues to take steps towards liberalising the banking and finance sector.
Mayer Brown
Myanmar, a strategic country neighbouring China, has an
important role to play in the Belt and Road Initiative.
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