Regulatory Alerts2020-03-23
Instruction on Foreign Currency Account Requirements (2016)
The Myanmar financial regulatory authority issued this 2016 Instruction mandating authorized dealers and foreign currency holders to establish designated bank accounts for all cross-border transactions. The directive specifies deposit and withdrawal procedures, aligns current practices with prior circulars from 2012 and 2014, and extends compliance obligations to semi-government entities and resident individuals. Entities must maintain these accounts in accordance with prescribed exchange rates and reporting standards to ensure seamless foreign currency circulation within the domestic banking system.
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