Foreign businesses protest Myanmar foreign currency rules

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Foreign business groups in Myanmar are balking at new rules requiring businesses and individuals to convert all foreign currency held in bank accounts into the local currency. A statement issued Friday by the American Chamber of Commerce and similar groups says the new regulations issued by the central bank earlier this week “effectively prevent the use of foreign currency in Myanmar” and would disconnect the country from the global economy and financial system. The Japanese Embassy in Myanmar also submitted a letter to the government saying the policy would make it difficult for Japanese businesses and the embassy itself to operate there. The change appears meant to alleviate a shortage of hard currency for the military-led government.