The Central Bank of Myanmar has reported that banks with authorized dealer licences (AD-licensed banks) have disbursed petty cash ranging from US$300 to US$500 to each of 2,956 individuals who are preparing to travel abroad.
CB Bank, A Bank, and Tun Commercial Bank have communicated through their social media platforms that individuals planning to work, study, or undergo medical treatment abroad can now acquire petty cash in foreign currencies.
With the directive from CBM, the AD-licensed banks have been instructed to provide individuals with petty cash between US$300 and US$500 per person (or its equivalent in other foreign currencies), based on the submission of requisite documents following the specific purpose of their overseas travel.
This initiative was launched on 31 May, and as of 8 August, a total of US$789,806 has been distributed to 2,603 individuals. Furthermore, 2,454,550 Thai baht has been provided to 301 persons, 9,861 Singapore dollars to 27 individuals, 16,738 Malaysian ringgit to 20 individuals, and 1,450 euros to five individuals.
Transactions have been carried out at rates of K2,500 or K2,600 per USD, and K75 to K85 per Thai baht. These rates vary based on the daily average exchange rate prevalent in the market.
Participating in this effort are CB Bank PCL (CB), KBZ Bank, AYA Bank PCL (AYA), Ayeyawady Farmers Development Bank (A Bank), Myanma Apex Bank (MAB), Yoma Bank (YOMA), UAB Bank (UAB), Asia Green Development Bank (AGD), Myanmar Oriental Bank (MOB), Global Treasure Bank (GTB), Tun Commercial Bank (TCB), Shwe Bank, First Private Bank (FPB), Innwa Bank Limited (Innwa), and Myanmar Citizens Bank (MCB). These banks have publicly disclosed the available counters for purchasing foreign currency on their respective websites and Facebook pages. — TWA/CT