Myanmar Embraces Thai Baht: Currency Usage on the Rise

DFDL Myanmar

21st August 2023

On 14 August 2023, the Central Bank of Myanmar (CBM) issued a directive allowing Authorized Dealer (AD) banks to use Thai baht for international payments and settlements.

On 14 August 2023, the Central Bank of Myanmar (CBM) issued a directive allowing Authorized Dealer (AD) banks to use Thai baht for international payments and settlements. This move empowers AD banks to include the Thai Baht in their cross-border financial operations. However, an earlier announcement from the Department of Trade (DOT) on 6 July 2023 indicated the potential use of Kyat for exporters' deposits. Subsequent details from CBM and DOT regarding using Thai baht for deposits are still awaited. This development highlights Myanmar's evolving international financial integration while leaving the financial community curious about forthcoming updates.

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

Contact us

Nishant Choudhary
Partner and Managing Director, Myanmar | Head of Regional Dispute Resolution
Cambodia, Myanmar
nishant.choudhary@dfdl.com

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DFDL Myanmar

Myanmar
dfdl.com

Founded in 1995, DFDL is one of the oldest foreign legal and tax firms in Myanmar.

DFDL provides a full range of legal and tax services to foreign and local investors operating in Myanmar. Our team of more than 30 experienced local lawyers and foreign legal advisers in Yangon and Naypyidaw provides efficient, effective, and practical legal services at an international standard, coupled with a high level of personal in-depth knowledge of the local environment.

DFDL is best placed to advise Asian and international companies on their investments in Myanmar.

Our Myanmar business unit is led by Partner and Managing Director William D. Greenlee, Jr.

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