Money changers are obliged to sell foreign currencies according to the set rates of the Central Bank of Myanmar (CBM). Failing to do so is liable to legal action, according to the CBM’s notification released on 14 May.
In addition to debit cards and credit cards for international transactions, CBM lets authorized money changers sell foreign currencies at the Yangon International Airport (YIA) or the designated counters of the authorized dealers (private banks) in an attempt to facilitate petty cash exchanges and curb illegal transactions in the foreign exchange market. Those working abroad, going abroad for medical treatment and studying abroad starting from 31 May 2023 and those making a pilgrimage and attending workshops or meetings according to invitations of the foreign governmental organizations beginning from 18 August 2023 are entitled to buy US$300-US$500 (equivalent amounts of foreign currencies) according to the exchange rate of transacted on the CBM’s online trading platforms with an addition of K10 at the respective money exchange counters.
Authorized banks declare the details of the exchange counters that are available to buy foreign currencies on their official Facebook pages. CBM also officially announced them on its web portal, www.cbm.gov.mm.
If Myanmar citizens want to exchange currencies for more than petty cash amounts, they can use international debit cards and credit cards.
Moreover, surprise visits are undertaken at money changers to ensure they abide by the directives and regulations stipulated under the Foreign Exchange Management Law. — NN/EM
