The Central Bank of Myanmar (CBM), in cooperation with three private banks, is selling a small amount of foreign currencies to those going abroad in Nay Pyi Taw, Yangon, Mandalay and Taunggyi cities under the special scheme, according to its notification released on 4 March.
In order to facilitate the purchase of foreign currencies as petty cash, prevent illegal money exchange and curb forex market manipulation, those studying abroad, working abroad and travelling abroad for medical treatment can buy foreign currencies that are equivalent to US$300-500 per person at the authorized banks’ FX counters and money changers at the Yangon International Airport starting from 31 May 2023, while those going on a pilgrimage and those leaving for the designated countries to attend the meeting as per the invitations of the foreign governments and institutions, from 18 August 2023.
The notification stated that the money changers of the authorized dealers (private banks) are entitled to transact the foreign currencies denoted in US dollars, euros, Singapore dollars, Thai baht, Malaysia ringgit, Chinese yuan, and Japanese yen.
The foreign currencies as petty cash can be purchased at the respective bank counters of the CB Bank PLC, Myanmar Oriental Bank, KBZ Bank, Innwa Bank, AGD Bank, AYA Bank PLC, UAB Bank, Myanmar Apex Bank, Myanmar Citizens Bank, Global Treasure Bank, Yoma Bank and Ayeyawady Farmers Development Bank, according to notifications of those banks on their official websites and Facebook pages.
CBM announced that it provides a special scheme in cooperation with KBZ, AYA Bank PLC and UAB in the four cities mentioned above to facilitate the buying of foreign currencies for those who will work abroad, travel abroad for medical treatment, study abroad, go on pilgrimage and attend the meetings as per the invitation of the foreign governments and associations. — NN/EM
