Foreign Exchange Management Law
(2012, Union Parliament Law No. 12.)
1354, 8th day of the second full moon of Waso
(August 10, 2012)
Introduction
The Union Parliament has enacted this law in order to improve foreign exchange management and to expand foreign economic relations and cooperation that will contribute to the socio-economic development of the country.
Chapter (1)
Name and meaning description
1. This law shall be called the Foreign Exchange Management Law.
2. The following expressions in this law shall have the meanings indicated below:
(a) The State means the Republic of the Union of Myanmar.
(b) Foreign currency includes foreign currency (coins), banknotes, postal money orders, checks, money orders, traveler's checks, money orders, money orders and promissory notes.
(c) The term "foreign currency" includes the following:
(1) Foreign currency, cash,
(2) Contracts payable in foreign currency or payable abroad;
(3) Deposits with international government financial institutions, foreign central banks, treasuries, and commercial banks;
(4) Accounts opened in foreign currency in local banks,
(5) Securities and bonds denominated in foreign currency issued or guaranteed by foreign governments, foreign financial institutions and intergovernmental financial institutions.
