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Myanmar exempts foreign investments from currency conversion rule

Diplomats and U.N. agencies also on exemption list

Myanmar began requiring this month that all foreign currency entering the country be converted to kyat.   © Reuters

BANGKOK -- Myanmar has exempted foreign investments and businesses operating in economic zones from a rule requiring the conversion of foreign currencies into kyat, following international pushback.

On the exemption list are foreign direct investment projects approved by the Myanmar Investment Commission, according to a notice dated Wednesday from the Central Bank of Myanmar. The exemption also covers domestic and foreign businesses in special economic zones. Embassy and United Nations personnel are exempt as well.

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