Myanmar

Myanmar

Established the Foreign Exchange Supervisory Committee

02 Apr 2022

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.