Myanmar exempts foreign businesses, NGOs from forex rules

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Myanmar officials say the military-led government will exempt approved foreign investors, embassies, United Nations agencies and non-government organizations from its rules requiring conversion of foreign exchange into the local currency. Aung Naing Oo, the army-installed government’s minister for Investment and Foreign Economic Relations, said details of the central bank’s new rule were being worked out. But he said foreign companies and others qualifying would get automatic exemptions. The Bank of Myanmar’s announcement that foreign currency bank holdings must be converted to kyats within one day raised protests from foreign governments and business organizations. Aung Naing Oo told foreign reporters in an online briefing foreign investors would have “no additional burdens.”