Here is the rewritten article in markdown format:

Myanmar Banking Regulation Updates Aim to Strengthen Foreign Exchange Management

The Central Bank of Myanmar has issued two new regulations aimed at strengthening foreign exchange management in the country. Notification No. 12/2022 and Directive No. 4/2022, effective from April 3, 2022, introduce significant changes to repatriation of foreign currency and conversion into local currency, as well as transfer requirements.

Repatriation of Foreign Currency

Under the new regulations, all Myanmar residents, both citizens and foreigners, are required to:

• Repatriate proceeds received from foreign countries within one business day
• Convert them into Myanmar Kyat (MMK) within one business day
• Deposit the proceeds into a MMK bank account, unless exempted by separate announcement

This applies not only to new receipts but also to any foreign currency already repatriated before April 4, 2022.

Transfer Requirements

The regulations also stipulate that all transfers of foreign currency to foreign countries must now go through:

• Authorized dealer banks
• Require approval from the Foreign Exchange Regulatory Committee of the Republic of the Union of Myanmar

The details of this process will be outlined in a forthcoming directive.

Fixed Exchange Rate

The Central Bank has set a fixed exchange rate for conversion between MMK and US$, with MMK1,850 per US$1 being the standard rate. Other foreign currencies will be converted based on this rate, as listed in the directive. Any future changes to these rates will be announced by directive of the Central Bank.

Objectives

The regulations aim to improve foreign exchange management in Myanmar, ensuring transparency and stability in the financial sector. The Central Bank has promised further clarification on these matters and will keep stakeholders updated as more information becomes available.

I hope this helps! Let me know if you have any further requests.