Myanmar to exempt foreign companies from forced currency exchanges

Central bank briefs banking officials on loosening of rule that has created uncertainty

20220607N Myanmar currency

Myanmar bank notes. The country has introduced rules requiring businesses and individuals to exchange foreign currency for kyat.

Nikkei staff writers

BANGKOK -- The Central Bank of Myanmar plans to exempt foreign-owned companies from forced exchanges of hard currency into local kyat, people familiar with the matter said, in a loosening of a rule that critics say risks deepening the Southeast Asian country's isolation.

Central bank policymakers informed banking officials of the exemption at a meeting Tuesday, sources said.

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