Discussion on Foreign Currency Exchange

December 19, 2016

For the stability of foreign currency exchange rates, U Kyaw Win, Union Minister for Planning & Finance, Dr Than Myint, Union Minister for Commerce, U Kyaw Kyaw Maung, Governor of the Central Bank of Myanmar (CBM), U Maung Maung Win, deputy minister for Planning & Finance, U Set Aung, vice chairman of CBM and U Toe Aung Myint, permanent secretary of the ministry of commerce held a meeting in the meeting hall of the Ministry of Planning & Finance yesterday afternoon.

In the meeting, it was broadly discussed how the American dollar is gradually appreciating and how exchange rates of other currencies against the dollar are dropping. The ministers and officials noted that though there is the normal slumping of currency exchange rates, some are taking advantage of the situation in order to manipulate the exchange rates. Plans currently in practice and further plans to be carried out were discussed in the meeting. Included in the discussion were matters on allowing the import of luxury commodities, essential goods, motor vehicles, Duty Free Shop Goods and cosmetic products only after careful scrutiny. As regards exports, increasing use of the L/C System — Letter of Credit System — instead of exercising the T/T System — Telegraphic Transfer System, scrutiny of the remittance of foreign currency to overseas countries to re-invest capital, scrutiny of earnings coming into the country from exports and re-exports, assessment of reducing taxes levied on exports, assessment of increasing taxes on imported luxury items, submission of authorised bank statements and taking legal action against companies that try to cheat with bank statements.

Similar meetings will be held regularly every week, it is learnt.

Ref; The Global New Light of Myanmar