Vice President U Nyo Saw heads Foreign Exchange Supervisory Committee to stabilize exchange rate

by · Eleven Media Group Co., Ltd

A decree was issued on April 21 to establish a Foreign Exchange Supervisory Committee, headed by Vice President U Nyo Saw, to stabilize the exchange rate and effectively use foreign exchange.

The committee consists of six members, including Vice President U Nyo Saw, and the Union Minister for Finance and Revenue, the Union Minister for Commerce, the Union Auditor General, the Governor of the Central Bank of Myanmar, and the Union Minister for National Planning, Investment and Foreign Economic Relations.

The Union Minister for Finance and Revenue will serve as the Vice Chairman and the Union Minister for National Planning, Investment and Foreign Economic Relations will serve as the Secretary of the committee.

The committee's duties include approving foreign currency required for the import of machinery, commercial vehicles, equipment and raw materials required by investment activities in the country, manufacturing industries, etc.; approving foreign currency required for the import of necessary fuel, medicine, cooking oil, fertilizers, pesticides, construction materials that cannot be purchased locally, etc.; approving foreign currency required for medical treatment abroad for social issues, educational issues, and religious issues, etc.

In addition, it is responsible for approving foreign exchange required for the import of general goods from abroad, repayment of loans and interest abroad, payment of service fees, and repatriation of profits from investment activities, approving foreign exchange required for the import of social goods and luxury goods, and supervising foreign exchange operations for domestic and foreign investment activities, manufacturing activities, export and import activities, and service activities including education and health in the country.

In addition, the committee is responsible for other responsibilities assigned to it in addition to matters related to foreign exchange supervision, the order states.

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