On 21 April 2026, the Union President established the Foreign Exchange Supervisory Committee (the “Committee“) to implement measures for stabilizing the foreign exchange rate and for the effective utilization of foreign currency in support of Myanmar’s economic development.
Committee Composition
The Committee is chaired by Vice President (1), U Nyo Saw and includes the Union Ministers of Finance and Revenue (Vice-Chairman), Commerce, and National Planning, Investment and Foreign Relations, as well as the Auditor General of the Union and the Governor of the Central Bank of Myanmar. This senior composition signals that foreign currency approvals will be handled at the highest levels of government.
Key Functions
The Committee is mandated to scrutinize and approve foreign currency for:
- Importation of machinery, equipment, production supplies, and raw materials for investment and manufacturing enterprises;
- Purchase and importation of essential goods, including fuel, medicines, edible oil, fertilizers, pesticides, and construction materials not available domestically;
- Citizens travelling abroad for medical, educational, or religious purposes; importation of general goods; repayment of foreign loans and interest; payment of service fees; and repatriation of investment profits; and
- Importation of consumer luxury goods, subject to essential importation necessity.
The Committee also has broad supervisory authority over foreign currency circulation for domestic and foreign investment enterprises, manufacturing, export/import, and service enterprises, including those in education and health.
Key Implications for Businesses
- Businesses requiring foreign currency for imports, loan repayments, service fees, or profit repatriation will need to seek Committee approval.
- The Committee’s oversight extends broadly across investment, manufacturing, trade, and service sectors.
- Businesses and investors should carefully assess their foreign currency needs and ensure compliance with the approval requirements, while closely monitoring further regulatory developments and seeking legal advice as needed.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
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