CENTRAL BANK OF MYANMAR

AML / KYC

Myanmar Considers Joining SPFS, Russia’s SWIFT Alternative

By Editors | 21/06/2022

Myanmar is negotiating the possibility of joining SPFS, an alternative to SWIFT, as well as the use of Russian Mir cards in Asia.

Sanctions

Myanmar Grants Exemptions to FX Conversion Rule Ban

By Editors | 17/06/2022

Myanmar is granting granted an exemption to select companies involved in FDI approved by the Myanmar Investment Commission.

Myanmar Bans Use of Foreign Currency for Local Payments

By Editors | 30/05/2022

The central bank said the use of foreign currencies in domestic payments could lead to higher demand for dollars and cause exchange rate instability.

AML / KYC

Myanmar Govt Charges Ex-Central Bank Official with Corruption

By Editors | 16/05/2022

Former CBM deputy governor U Bo Bo Nge is being charged by the military government on allegations that caused losses to the government.

Sanctions

Myanmar Exempts Foreign Firms from FX Conversion Rule

By Editors | 27/04/2022

An order requiring all foreign currency held in bank accounts to be converted into local currency will not apply to businesses in special economic zones and most other foreigners.

Central Bank Official Shot as Myanmar Imposes New FX Controls

By Editors | 10/04/2022

The shooting came days after an order requiring all foreign currency held in bank accounts to be converted to kyats. New limits are also being imposed on international cards issued by domestic banks.

AML / KYC

Myanmar Orders Conversion of All Foreign Currency to Kyat

By Editors | 07/04/2022

The order suggests the military government may be struggling to repay debt and purchase key supplies. Fresh sanctions were also recently announced.

Crypto / Digital Assets

Myanmar to Ban Crypto Under New Cybersecurity Law

By Sanday Chongo Kabange | 28/01/2022

Under the proposed law, using cryptocurrency may lead to imprisonment of 6-12 months in prison or fines up to USD 2800.

AML / KYC

Parallel Myanmar Government Recognises Tether as Official Currency

By Editors | 14/12/2021

The pro-democracy National Unity Government has reportedly begun using Tether as a proxy for the US dollar to raise funds for a campaign to topple the military regime.