An order by Myanmar’s central bank that all foreign currency in bank accounts must be converted into the local currency has many in the military-ruled country worried over potential losses
BANGKOK — An order by Myanmar’s central bank that all foreign currency in bank accounts must be converted into the local currency has many in the military-ruled country worried over potential losses.
Businesses and individuals were told in a notice issued Sunday that as of Monday they must convert dollars and other foreign currency into kyats within one day or face legal consequences.
Foreign currency can only be sent overseas with government approval, it said. It said further details of the rules would follow.
Myanmar’s military leaders are facing a raft of sanctions…
