In order to further develop the settlement system in international payments and settlements as well as border trade, the Central Bank of Myanmar (CBM) has instructed Authorized Dealers (AD) license holders to use Japanese Yen and Chinese Yuan (RMB) in international payments and settlements.

Apart from opening of accounts for interbank deposits and settlements between Authorized Dealers (AD) license holders, the CBM will not allow them to open bank accounts for individuals or official organizations in two currencies.

According to the Foreign Currency Management Law, foreign exchange management department of the central bank has granted the authorized dealer licenses to the government banks, private banks and foreign bank branches. The preliminary license fee is Ks two million, the license renewal fee Ks 300,000, the fine for the late license renewal Ks 50,000 per month and the expansion fee is set at Ks one million per branch.

The authorized dealer license holders are the State-owned Myanma Economic Bank, Myanma Foreign Trade Bank, Myanma Investment and Commercial Bank, 19 private banks and 10 foreign bank branches, according to the figures from the central bank.

During this month, the CBM has issued four directives for development of banking service and monetary sectors.