Established the Foreign Exchange Supervisory Committee

On 13 May 2022, Myanmar’s State Administration Council (SAC) published Order No. 28/2022, dated 4 April 2022, that provides for the establishment of the Foreign Exchange Supervisory Committee (FESC) to approve foreign currency conversion, make exemptions to foreign exchange restrictions, and permit overseas foreign currency transfers. The members of the FESC include Union Government Ministers, a member of the State Administration Council, the Union Auditor-General and Chairperson of the Central Bank of Myanmar.

The FESC supervises the flow of foreign currencies for domestic and foreign investment, manufacturing, exports and imports, and service businesses (including education- and health-related initiatives). The FESC is specifically responsible for considering and approving the use of foreign currency for the following: importation of machinery, vehicles, equipment, and raw materials needed for the foreign investment and manufacturing; importation of fuels, medicines, cooking oils, fertilizers, insecticides, and construction materials that are not available in the domestic market. It will also perform other duties relating to foreign exchange management as assigned by the SAC.

• Type:

  • Treatment and operation (Capital transfer and FOREX)

• Industry:

  • Not industry specific

• Sources:

  • Republic of the Union of Myanmar, State Administration Council Order No. 28/2022 1383 , https://www.lincolnmyanmar.com/wp-content/uploads/2022/05/SAC-Order-28-2022-establishing-Foreign-Exchange-Supervisory-Committee-1.pdf, 04 Apr 2022
  • allenandgledhill, Myanmar establishes Foreign Exchange Supervisory Committee to oversee use of foreign currency, https://www.allenandgledhill.com/mm/perspectives/articles/21836/mmkh-establishes-foreign-exchange-supervisory-committee-to-oversee-use-of-foreign-currency, 01 Jun 2022
  • Myanmar Forms Foreign Exchange Supervisory Committee, https://www.lexology.com/library/detail.aspx?g=20acae99-b568-4db3-8aee-1abef1b423bc, 24 May 2022