12 March, 2020
Foreign exchange management refers to a method of governing outward remittance such as controlling and facilitating cross border trade transactions, payments and investments for promoting the orderly development and maintenance of foreign exchange. Each country has its own policy for foreign exchange management in controlling the limit of speculation against local currencies.
In Myanmar, foreign exchange is regulated by the Foreign Exchange Management Law 2012 (“FEML 2012”) which had repealed the Foreign Exchange Regulation Act 1947. The draft Foreign Exchange Management Law 2019 (“FEML 2019”), which has yet to come into force, is aimed at replacing the FEML 2012.
The main purpose of the law is to improve foreign exchange management by implementing comprehensive foreign economic communication and cooperation. This will help in the development of the socioeconomic conditions of the State.
The full article can be found from Zicolaw's site here.
For more information, please contact:
Thuzar Tin, Zaid Ibrahim & Co (a member of ZICO Law)
thuzar.tin@zicolaw.com
