Myanmar exempts foreign businesses, NGOs from forex rules

Myanmar officials say the military-led government will exempt approved foreign investors, embassies, United Nations agencies and non-government organisations from its rules requiring conversion of foreign exchange into the local currency. Aung Naing Oo, the army-installed governments minister for Investment and Foreign Economic Relations, said Thursday that details of the central banks new rule were being worked out.

Myanmar officials say the military-led government will exempt approved foreign investors, embassies, United Nations agencies, and non-government organizations from its rules requiring the conversion of foreign exchange into the local currency. Aung Naing Oo, the army-installed government's minister for Investment and Foreign Economic Relations, said Thursday that details of the central bank's new rule were being worked out. But he said foreign companies and others qualifying would be given an automatic exemption. The Bank of Myanmar's announcement that foreign currency bank holdings must be converted to kyats within one day raised protests from foreign governments and business organizations. Aung Naing Oo told foreign reporters in an online briefing there would be "no additional burden" for foreign investors.