Foreign businesses question Myanmar foreign currency rules

BANGKOK (AP) — Foreign business groups in Myanmar are raising concerns about new rules requiring businesses and individuals to convert all foreign currency holdings into the local currency. A statement issued Friday by the American Chamber of Commerce and other similar groups says the new regulations issued by the central bank earlier this week “effectively prevent the use of foreign currency in Myanmar.” It says that would disconnect the country from the global economy and financial system and unless foreign businesses are excluded, some will face “insurmountable challenges.” Details of the new rules have yet to be announced. But the change appears aimed at helping the military-led government cope with a shortfall in hard currency.