Regarding the announcement by the Central Bank of Myanmar, dated 3 April 2022, we and eleven further international chambers in Myanmar issued a joint statement. Together, we share our serious concern for the foreign currency controls, and we reiterate our support for the people of Myanmar on their journey to a modern, peaceful, and prosperous nation.
International business and investment depend on the use of globally accepted currencies, particularly the U.S. dollar, to conduct business. Businesses operating in Myanmar do so based on laws that clearly defines the use of foreign currencies to enable trade, equity investment, financing of operations, buying and selling of goods, among many other activities. It is essential for businesses in a globally connected financial system. The announced directive thus needlessly lowers the living standards of the Myanmar people, halts foreign business activity, stops the flow of FDI, and creates trade tensions with other countries.
READ OUR FULL STATEMENT HERE.