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Myanmar Crisis

Myanmar revokes foreign company exemption from currency rules

International businesses need to convert deposits into kyat, central bank says

A bank employee ties stacks of kyat together in Yangon. The Myanmar currency has weakened since the military took control of the country in 2021, now trading for around 2,190 to the dollar on the street.   © Reuters

BANGKOK --The Central Bank of Myanmar on Wednesday reversed its position on exempting foreign companies from forced exchanges of currency to the local kyat, several sources at the bank said.

The central bank in April had instructed financial institutions to convert foreign currency earned by its customers into kyat within one business day. Existing foreign-currency deposits were also to be converted into the kyat in stages.

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