The Central Bank of Myanmar under the control of the junta regime has repeated its public notice that bans people from keeping foreign currencies without permission.
The notice on 20 August referred to the Foreign Exchange Management Rules, issued as Order No 7/2014 by the CBM dated 30 September 2014, mentioning: “A resident can possess, for up to six months from the date of receipt, US$ 10,000, or other types of foreign currency equivalent to this amount, if obtained legally.”
The order also includes: “If the foreign currency is not used within six months, it shall be sold to, and exchanged by, foreign exchange dealing licence holders at the market price or deposited in a bank account.”
Under the Foreign Exchange Management Law, purchases and sales of foreign exchange can be carried out only by foreign exchange dealing licence holders in terms of cash and travellers cheques. The law stipulates that any person who violates the prohibition will face imprisonment for a term not more than one year or a fine, or both.
The military’s media also reported on 21 August that seven foreign currencies from US$300 to $500 or equivalent amount of other currencies for petty cash are available at the Yangon International Airport and money exchange counters of the authorized dealers since 31 May this year for Myanmar citizens who need to bring this cash with them in addition to debit cards and credit cards.
The report said that the available seven foreign currencies are the US dollar, Euro, Singapore dollar, Baht, Ringgit, Yuan and Yen.
The Military Council revoked the licences of 13 foreign exchange money changers on 14 August, under the accusation of breaching orders and directives.
The value of the Myanmar Kyat has gradually declined since the coup in February 2021, and its market exchange rate reached 3,800 Kyat per US dollar on 21 August.
The Governor of the Central Bank of Myanmar, Than Than Swe, said in a meeting on 19 August that legal action will be taken against the influence of online and social media narratives on the worsening depreciation of the Myanmar currency.
