Smooth Process of Trading: Discussion On The Use Of Foreign Currency

A meeting on the use of foreign currency for smooth implementation of export and import process in the Special Economic Zones (SEZ) was held on Wednesday.

Union Minister for Commerce Dr PwintHsan discussed that the Central Bank of Myanmar has issued Order No. 12/2022, and as per Paragraph 3 of that Order, the exemptions will be announced soon. The Union Minister stressed that dealing of businesses in local market must follow the laws enacted in the country.

The SEZ Management Committees, industrialists and banks have to make coordination for smooth implementation of the work process.

He pointed out that the foreign currency and local currency have to be used in line with the law. The Governor of the Central Bank of Myanmar also discussed that the businesses in SEZ will have to carry out in line with the SEZ Law, and the use of foreign currency could be continued as usual.

Any difficulties can be submitted to the Foreign Exchange Supervisory Committee and the Central Bank of Myanmar. Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo also discussed that the companies who have no foreign currency in hand can make currency exchange, and make payment to their suppliers abroad. The Standard Operating Procedure (SOP) for that payment is being drafted by the ministry, and will be in circulation very soon.

Union Minister Dr Pwint Hsan later attended the meeting on the use of foreign currency for smooth process of trading by Union of Myanmar Federation of Chambers of Commerce and Industry and affiliated associations.

The Union Minister discussed that export and import licenses have been granted for trading purpose, and any difficulties in making payment and cash withdrawal will be tackled through five priority groups. He urged all involved persons to make cooperative efforts in timely manner.