Regulatory Alerts2022-05-25
Directive for Myanmar Kyat Payment
The State Administration Council mandates the exclusive use of Myanmar Kyat for all domestic goods, services, and pricing to curb inflation and exchange rate volatility. Subordinate ministries, state and region governments, and city development committees must instruct government and private enterprises to conduct transactions in Kyat, while allowing specific sectors like hotels, foreign-invested businesses, and property rentals to continue accepting US dollars. Licensed banks are required to convert foreign currency earnings into Kyat within one working day, and all relevant entities must report their compliance status to the Central Bank of Myanmar.
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