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Foreign Exchange Regulation Act

1. Except with the previous permission of the Controller, no person other than an authorized dealer shall in Myanmar, and no person resident in Myanmar other than an authorized dealer shall outside Myanmar, buy or borrow from or sell or lend to or transfer to or exchange with, any person not being an authorized dealer, any foreign exchange
2. No person shall have dealings in foreign exchange at rates of exchange other than the rates for the time being authorized by the Central Bank of Myanmar.
3. Where any foreign exchange is acquired by any person other than an authorized dealer for any particular purpose, or where any person has been permitted conditionally to acquire foreign exchange, the said person shall not use the foreign exchange so acquired otherwise than for that purpose or, as the case may be, where any foreign exchange so acquired cannot be so used, the said person shall without delay sell or offer to sell the foreign exchange to an authorized dealer.
4. No persons shall, except with the general or special permission of the Controller bring or send into Myanmar any currency notes or bank notes or coin whether Myanmar or foreign.
5. No person shall, except with the general or special permission of the Controller or the written permission of a person authorized in this behalf by the Controller, take or send out of Myanmar any gold, jewellery or precious stones, or any currency or foreign exchange .
6. No person shall, except with the general or special permission of the Controller take or send any security to any place outside Myanmar.
7. Except with the general or special permission of the Controller, no person resident in Myanmar shall settle any property, otherwise than by will, upon any trust under which a person who, at the time of settlement, is resident outside Myanmar.
8. Except with the general or special permission of the Controller, no person resident in Myanmar shall lend any money either to any company which is controlled by persons resident outside Myanmar.
9. Whoever contravenes any of the provisions of this Act or any rule, direction or order made thereunder shall be punishable, with imprisonment for a term which may extend to three years, and shall also be liable to fine.

Date : 17th Nov 2017

 

1366.0 / USD

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Source : forex.cbm.gov.mm

Interest Rate(%)
Central Bank Rate 10% pa
Minimum Bank Deposit Rate 8%pa
Maximum Bank Lending Rate 13%pa
Economic Indicators (%)
GDP Growth 5.90 %
Annual Rate of Inflation 4.66 %
Year on Year Inflation 3.40 %

     Source : Ministry of Planning and Finance