Myanmar’s central bank has announced a broad exemption of foreign entities from a controversial new policy requiring foreign exchange to be converted into local currency, a rule that triggered panic among business groups and residents.
The exemption, dated April 20, includes companies with approved foreign investments, firms in special economic zones, international non-government organisations, diplomats, United Nations agencies and airlines.
In an effort to exert more control over foreign currency flows in the military-run nation, the central bank declared from April 3 that foreign exchange earned locally must be deposited at…
