Financial Crime World

Myanmar Central Bank Issues New Regulations for Overseas Foreign Exchange Management

Strengthening Oversight and Supervision of Foreign Exchange Management

The Central Bank of Myanmar has issued new regulations aimed at strengthening oversight and supervision of foreign exchange management in the country. The regulations, which came into effect on September 30, 2014, are designed to promote the development of Myanmar’s financial sector by providing a clear framework for overseas foreign exchange transactions.

Key Objectives

The new regulations aim to ensure stability and transparency in the foreign exchange market by:

  • Providing a clear framework for overseas foreign exchange transactions
  • Promoting the development of Myanmar’s financial sector
  • Ensuring stability and confidence in the country’s economy

New Requirements

Under the new rules, financial institutions will be required to:

Reporting Requirements

  • Submit regular reports on foreign exchange transactions
  • Maintain accurate records of all foreign exchange dealings

Reserve Management Guidelines

  • Strict guidelines for management of foreign exchange reserves

Prohibition on Unauthorized Transactions

  • Prohibit unauthorized foreign exchange transactions

Enhanced Supervision and Oversight

The Central Bank has issued the new regulations under its authority conferred by Section 91 (c) of the Myanmar Central Bank Law, which allows it to issue rules and regulations governing financial institutions.

Impact on Financial Sector

The new regulations are expected to have a positive impact on Myanmar’s financial sector, promoting transparency and accountability in the country’s economy. The regulations will help to:

  • Enhance stability and confidence in the country’s economy
  • Promote transparency and accountability in foreign exchange transactions
  • Strengthen oversight and supervision of foreign exchange management

Conclusion

The new regulations issued by the Central Bank of Myanmar are a major step forward in promoting transparency and accountability in the country’s financial sector. The regulations will help to promote stability and confidence in the economy, and are expected to have a positive impact on the development of Myanmar’s financial sector.