YANGON, April 4 (Xinhua) -- The Central Bank of Myanmar (CBM) has said that anyone living in the country must sell their income received in foreign currency overseas at authorized dealer licensed banks' foreign exchange counters within one working day after receiving.
The conditions that appear to be exempted from it would be separately announced, the bank's notification statement said on Sunday.
Meanwhile, remitting foreign currency overseas must be carried out through authorized dealer licensed banks dealing in foreign exchange with approval from foreign exchange supervisory committee, the statement said.
All the money already in Myanmar's foreign currency accounts before the date of issuance of this notification as well must be sold or changed in Myanmar kyats at the authorized dealer licensed banks, it said.
Myanmar's central bank added the notification came into effect from the date of issuance.
Failure to comply with this notification will result in legal action under the foreign exchange management law, it said. ■