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Joint Statement on the announcement of Foreign Currency Controls – EuroCham Myanmar
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Joint Statement on the announcement of Foreign Currency Controls

International business and investment depend on the use of globally accepted currencies, particularly the U.S. dollar, to conduct business. Businesses operating
in Myanmar do so based on laws, specifically, section 61 of the Myanmar Investment Law (2016), that clearly defines the use of foreign currencies to enable trade, equity investment, financing of operations, buying and selling of goods, among many other activities that are essential for businesses in a globally connected financial system.

The announcement of foreign currency controls stated by the Central Bank of Myanmar in Notification no. 12/2022 and Directive no. 4/2022, both dated 3 April 2022, needlessly lowers the living standards of the Myanmar people, halts foreign business activity, stops the flow of foreign direct investment (FDI), and creates trade tensions with other countries.

Click here to read the full statement.

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