CBM urges May Bank to participate in remittances of Myanmar workers from Malaysia to home

Daw Than Than Swe, Governor of the Central Bank of Myan­mar, urged May Bank Yangon Branch to arrange cooperation of the Malaysia-based May Bank in diverting the remittances of Myanmar workers to Myanmar during a meeting with Myan­mar representatives from Yan­gon branch of May Bank on 14 January.


They discussed current foreign currency market devel­opment, including the issue on remittance of salaries and wages of Myanmar nationals in Malay­sia, operations in the Inter-bank market and trade payments, and May Bank’s operation after opening a branch in Myanmar. They also focused on the policies of the head office and added that they wanted the direction of the Central Bank.


The Central Bank of Myan­mar has instructed all to transfer the wages/salaries earned in for­eign currency by the expatriate Myanmar citizens through offi­cial channels and has announced that it will allow to spend such incomes freely.


Since 2014, May bank has received a domestic banking li­cence and it started operating its Myanmar branch in 2015 with a net currency amount of US$ 75 million. —TWA/KZW