FX deposits in Myanmar must be converted into kyat: central bank

Economy

Myanmar's central bank has issued a notice that foreign currency deposited in bank accounts must be converted to kyat, the local currency, amid the deteriorating economy since a military coup in February 2021 that has left the country in chaos. Responding to the notice issued by the Central Bank of Myanmar on Sunday, the Japanese Embassy in Yangon on Monday urged it to exempt Japanese companies operating in Myanmar from the obligation of currency exchange. Foreign investment in Myanmar has plunged after the coup that triggered political turmoil and economic downturn, causing a shortage of fore...

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