Logistics Service Companies Are Now Allowed to Hold Specific Amounts of Foreign CurrencyJune 27, 2022
On 2 June 2022 the Ministry of Transport and Communications issued letter no. PaSa-4/ (F.E-1/1)/2022 (709) (“Letter“) in implementation of a circular from the Foreign Exchange Supervisory Committee (“FESC”).
The Letter states that FESC now permits logistics service companies to retain specific amounts of foreign currency in their foreign currency bank accounts in Myanmar. Any foreign currency in excess of such amounts shall be converted to Myanmar Kyat.
The operational sector of such companies and the amounts they will be allowed to retain are shown in the table below:
|Company sector||Foreign currency equivalent of|
|Freight forwarding (member of Myanmar International Freight Forwarders Association)||USD 300,000 per month|
|Mercantile marine development (member of Myanmar Mercantile Marine Development Association)||USD 2,000,000 per month|
|International air freight forwarding and ground services||USD 100,000 per month|