CBM offers petty cash special sales to those going abroad

The Central Bank of Myanmar (CBM) announced on 24 October 2024 that it has been selling foreign currencies for those going abroad as petty cash under a special programme in Yangon, Mandalay, Nay Pyi Taw and Taunggyi, in cooperation with authorized banks and money changers, according to its notification on 14 June.
With a view to facilitating the purchase of foreign currencies in addition to internationally accepted debit cards and credit cards and curbing forex market manipulation by illegal money changers, those studying abroad, working abroad and travelling abroad for medical treatment are entitled to buy foreign currencies that are equivalent to US$300-500 per person at the authorized banks’ foreign exchange counters and money changers at the Yangon International Airport starting from 31 May 2023, while those going on a pilgrimage and those leaving for the designated countries to attend the meeting as per the invitations of the foreign governments and institutions are allowed to buy the petty cash from 18 August 2023. Those authorized money changers sell a US dollar by adding K10 to the daily online trading rate of the CBM.
Additionally, CBM also sells foreign currencies under a special programme for those going abroad for other purposes to stabilize the foreign exchange market.
CBM joined hands with three domestic banks (KBZ, AYA Bank PCL, and UA and registered money changers (Eastern Lad Co Ltd and Golden Money Services Co Ltd) for those going abroad to buy foreign currencies in Nay Pyi Taw, Yangon, Mandalay and Taunggyi cities under the special scheme.
Authorized dealers (private banks) announced their branches were available to buy foreign currencies as petty cash on their websites and Facebook pages. Authorized foreign exchange companies also revealed the details on their respective pages.
Additionally, CBM has been arranging for those MoU workers working abroad under the Ministry of Labour’s plan to purchase foreign currencies for their flight tickets on CBM’s foreign exchange online trading platforms. CBM also injected over $1 billion into the private sector for importers, edible oil and fuel oil dealers between April and October 2024 through its foreign exchange online trading platform. — NN/KK