Myanmar’s Financial Sector Regulations to Boost Remittance Business

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In a move to further liberalize and promote remittance business in Myanmar, the Central Bank of Myanmar has issued new regulations aimed at enhancing the sector’s growth.

Key Changes

• Foreign exchange businesses will be allowed to operate independently, providing greater flexibility and competition in the market.
• A minimum capital requirement of K10 million (approximately USD 7,500) must be maintained by foreign exchange dealers.
• Remittance services companies are required to maintain accurate records of transactions and provide regular reports to the authorities.

Impact on the Sector

“This is a significant step forward in promoting financial inclusion and liberalization in Myanmar,” said a spokesperson for the Central Bank. “We believe that these regulations will not only boost economic growth but also increase transparency and accountability in the sector.”

The new regulations have been welcomed by industry insiders, who see them as a major positive development.

“With these regulations in place, we expect to see increased competition and innovation in the remittance market,” said U Kyaw Min, CEO of Myanmar Remit. “This will not only benefit our customers but also contribute to the country’s economic growth.”

Effective Date

The new regulations come into effect on July 30, 2024.

Contact Information

For more information, please contact:

• Central Bank of Myanmar
• Email: info@centralbankofmyanmar.gov.mm
• Phone: +95 1 22222

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