A man rides near a port in Yangon, Myanmar, Aug. 6, 2022. The Central Bank of Myanmar (CBM) has relaxed its foreign currency conversion order, allowing exporters to compulsorily convert only 65 percent of their earnings into kyats. (Photo by Myo Kyaw Soe/Xinhua)
YANGON, Aug. 6 (Xinhua) -- The Central Bank of Myanmar (CBM) has relaxed its foreign currency conversion order, allowing exporters to compulsorily convert only 65 percent of their earnings into kyats.
The central bank issued the directives on Friday with immediate effect.
Exporters in the Southeast Asian country were previously required to compulsorily convert 100 percent of their export earnings into kyats.
On Friday, the CBM also changed its reference exchange rates from 1,850 kyats to 2,100 kyats per U.S. dollar, 1,884.3 kyats to 2,148 kyats per euro and 273.81 kyats to 311.13 kyats per Chinese yuan.
As for the central bank's new moves on Friday, U Min Thein, vice chairperson of Muse Rice Wholesale Center, told Xinhua that it is better for the exporters as they can sell the remaining 35 percent of their earnings in foreign currencies to others instead of the CBM.
"Export sector is likely to improve because of the moves," said U Min Thein, adding that import sector is also likely to be better as importers can now buy dollars from exporters.
The central bank issued the foreign currency conversion order in April, urging anyone living in the country to compulsorily convert foreign currencies into kyats, but then gave some foreign organizations exemption from the conversion order. ■
Photo taken on Aug. 6, 2022 shows a view of the Sule Terminal area in Yangon, Myanmar. The Central Bank of Myanmar (CBM) has relaxed its foreign currency conversion order, allowing exporters to compulsorily convert only 65 percent of their earnings into kyats. (Photo by Myo Kyaw Soe/Xinhua)
