Professional Service Providers

Lists of professional service providers, able to guide an investor new to Asian markets, are linked below.

There is currently no specific regulation on cross-border portfolio investments in Myanmar.

The Myanmar kyat (MMK) is non-convertible and non-negotiable outside Myanmar. It is currently pegged to the International Monetary Fund's (IMF) Special Drawing Rights (SDR). The Central Bank of Myanmar (CBM) is the regulatory authority over foreign exchange transactions. Myanma Economic Bank is an authorized bank that can transact in foreign exchange and provide foreign trade services.

The Foreign Exchange Regulation Act (effective 1 August 1947) is the governing law on foreign exchange controls. Exchange management falls under the purview of the Controller of Foreign Exchange of the Exchange Management Department of CBM, and must be in accordance with instructions from the Ministry of Finance and Revenue (MFR).

The IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions for Myanmar, available only in hard copy, discusses currency exchange controls.

Import and Export of Currencies

The import and export of MMK is prohibited. Residents who are granted an official permit to travel abroad are allowed to buy USD100–200 equivalent from the Myanmar Foreign Trade Bank (MFTB) or the Myanmar Investment and Commercial Bank.

Nonresidents may bring up to USD2,000 equivalent into Myanmar without declaration.

Domestic and Foreign Currency Accounts

Resident Accounts

Resident domestic foreign currency accounts of national firms may only be opened with state-owned banks. Only Myanmar nationals who earn foreign exchange may open accounts in US dollars or euros.

Resident foreign currency accounts may be held abroad, subject to CBM approval.

Nonresident Accounts

Nonresident domestic currency accounts are permitted upon CBM authorization.

Nonresident foreign currency accounts of international organizations and diplomatic missions may be kept with the MFTB. Prior approval is required for other nonresidents.

Borrowing and Lending

Domestic borrowing and lending in local currency must be conducted through CBM-authorized intermediaries. Domestic borrowing in foreign currency is not allowed.