Home » Myanmar Publications » Logistics Service Companies Are Now Allowed to Hold Specific Amounts of Foreign Currency
Logistics Service Companies Are Now Allowed to Hold Specific Amounts of Foreign Currency

Logistics Service Companies Are Now Allowed to Hold Specific Amounts of Foreign Currency

June 27, 2022

On 2 June 2022 the Ministry of Transport and Communications issued letter no. PaSa-4/ (F.E-1/1)/2022 (709) (“Letter“) in implementation of a circular from the Foreign Exchange Supervisory Committee (“FESC”).

The Letter states that FESC now permits logistics service companies to retain specific amounts of foreign currency in their foreign currency bank accounts in Myanmar. Any foreign currency in excess of such amounts shall be converted to Myanmar Kyat.

The operational sector of such companies and the amounts they will be allowed to retain are shown in the table below:

Company sectorForeign currency equivalent of
Freight forwarding (member of Myanmar International Freight Forwarders Association)USD 300,000 per month
Mercantile marine development (member of Myanmar Mercantile Marine Development Association)USD 2,000,000 per month
International air freight forwarding and ground servicesUSD 100,000 per month

KEYWORDS

RELATED EXPERIENCES

Banking and Finance

Related Articles