Myanmar: Central Bank of Myanmar Adopts Market-Driven Exchange Rate For Online Trading Platform

DFDL Myanmar

8th December 2023

On 5 December 2023, the Central Bank of Myanmar issued a directive to authorized dealer banks, stating that the Central Bank will no longer determine the exchange rates on the online trading platform, and the exchange rates will be determined by market forces.

On 5 December 2023, the Central Bank of Myanmar (“CBM”) issued a directive to authorized dealer banks, stating the following:

(a) CBM will no longer determine the exchange rates on the online trading platform, and
(b) the exchange rates will be determined by market forces, influenced by the exchange rate proposals
submitted by those engaging in foreign currency transactions within the market.

Furthermore, regarding the offshore remittance of the foreign currency funds acquired through the online trading platform, the directive states that the remittance should be made pursuant to the procedures established by the Foreign Exchange Supervision Committee to facilitate the smooth and compliant execution of such currency transfers.

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.

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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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