Foreign exchange earned by locals in Myanmar must be deposited in accounts at licensed banks and exchanged for the local currency within one working day, the central bank said, as the country’s military authorities seek more control over foreign currency flows.
In a notification dated April 3 and published in state media on Monday, the central bank said it would issue exemptions to the new rule separately and that foreign currency transferred abroad should be done via the licensed Foreign Exchange Trading banks.
The order, signed by Central Bank of Myanmar Governor Than Nyein, would also apply to foreign currency that came into the country…
