According to the Ministry of Commerce and Trade, in order to ensure the stability and smooth flow of economy and trade, a consultation meeting was held between the chairman of the central bank, the federal minister of the Ministry of Commerce and Trade, and the Federation of Industry and Commerce of Myanmar (UMFCCI). At the meeting, the chairman of the Central Bank of Myanmar attended by video.
At the meeting, Dr. Bensan, Federal Minister of Commerce and Trade, said that in order to promote the development of import and export trade, the Ministry of Commerce and Trade has been issuing import and export related licenses. In addition, the Ministry of Commerce and Trade and the Central Bank will help businessmen solve practical difficulties such as foreign exchange settlement and cash withdrawal in accordance with the current regulations of the Foreign Exchange Regulatory Commission. We have divided into 5 groups to deal with the problem. During this period, businessmen in the field of private enterprises also need to cooperate with the work of relevant departments.
For a long time, myanmar border trade imports and exports have mostly been settled by foreign exchange accounts, and after the Myanmar Central Bank issued a foreign exchange supervision order, import and export merchants encountered difficulties in trade work. Affected by foreign exchange controls, merchants not only face losses due to exchange rates below market prices, but also need to convert foreign exchange earnings into Kyat currency within 24 hours and transfer them to licensed bank accounts.
In addition, under the foreign exchange ban of the Central Bank of Myanmar, all persons in China are prohibited from holding foreign currency without permission. After the implementation of the foreign exchange ban, the European Union, Japan, Singapore and other countries sent letters to the Central Bank of Myanmar, hoping to obtain exemption from foreign exchange orders in order to maintain normal economic exchanges with Myanmar.