Meeting relating to using foreign currencies to facilitate the export/ import functions was virtually held at the meeting hall of the Ministry of Commerce on 20 April. During the meeting the Union Minister Dr. Pwint San highlighted the following points:
- The economic businesses are to be implemented as per relevant domestic laws and there shall be effective coordination among Management Committees of Special Economic Zones, Chambers of Commerce and Industry, and banks in order to facilitate the business processes.
- Entrepreneurs are required to make the lists of manufacturing products and the foreign and local currencies shall be used in accord with laws.
The Governor of the Central Bank of Myanmar-CBM U Than Nyein stressed the following points:
- Despite the certain concerns of businesspersons from the Special Economic Zones regarding the Order No. 12/2022 issued by the Central Bank of Myanmar, the arising matters will be settled in line with the Special Economic Zone Law.
- With regard to the use of foreign currency, it can be continued as per the current process.
- In case businesspersons encounter difficulties, they can report to the Foreign Currency Management Committee and CBM as well.
The Union Minister for Investment and Foreign Economic Relations U Aung Naing Oo discussed the following points:
- For the business companies that do not possess foreign currency, they can make payments to the foreign suppliers after exchanging the local currency to foreign currency. The Standard Operating Procedures (SOP) for such payments is being drafted and will be finalized and publicized soon.
- The Union Minister also stated that he discussed the points so that the businesspersons know the implementation progress of the Foreign Currency Management Committee in order to facilitate the matters relating to the use of foreign currency of companies that invested in the Special Economic Zones.
During the coordination meeting of the Chambers of Commerce and Industry and other relevant associations on using foreign currency to facilitate the trading businesses, the Union Minister Dr. Pwint San said the following points:
- Export/import licenses are being issued to facilitate the trading matters of companies doing export/ import businesses.
- Five prioritizing groups are categorized based on data in solving the difficulties in the matters of payments and withdrawal relating to CMB.
- Relevant Ministries are not only responsible for the facilitation of the trading businesses, the timely cooperation of the individuals relating to the private sector, trading and providing services as well as others concerned are also required.
At the meeting, as the Chambers of Commerce and Industry and other relevant associations made active discussions, the Union Ministers and Governor of CMB coordinated with them.
- Union Minister for Commerce Dr. Pwint San said entrepreneurs are required to make the lists of manufacturing products and the foreign and local currencies shall be used in accord with laws.
- CBM Governor U Than Nyein stressed that despite the certain concerns of businesspersons from the Special Economic Zones regarding the Order No. 12/2022 issued by the Central Bank of Myanmar, the arising matters will be settled in line with the Special Economic Zone Law.
- For the business companies that do not possess foreign currency, they can make payments to the foreign suppliers after exchanging the local currency to foreign currency. The Standard Operating Procedures (SOP) for such payments is being drafted and will be finalized and publicized soon said U Aung Naing Oo, Union Minister for Investment and Foreign Economic Relations.
- Five prioritizing groups are categorized based on data in solving the difficulties in the matters of payments and withdrawal relating to CMB said Union Minister Dr. Pwint San.