Repayment Schedule Regarding Principal and Interest suspended by CBM
The Central Bank of Myanmar (CBM) on 13 July issued an announcement in accordance with Article 29 (A) of Foreign Currency Management Law. According to this announcement, the Repayment Schedule Regarding Payment of Principal and Interest to the money lending Foreign Companies has been temporarily suspended.
Under the Foreign Currency Management Law and Foreign Currency Management Regulations, those Companies and Organizations within Myanmar that have borrowed money and/or acquired goods have been allowed to suspend the implementation of the Repayment Schedule under which Principal and Interest have to be paid.
The authorized dealer (AD) license holding banks can negotiate with their customers from whom they have borrowed money to temporarily suspend Payment of Principal and Interest as per the Repayment Schedule.
Additionally, with the permission of the Department of Investment and Companies Registration (DICA), the exemption from Foreign Currency Restrictions which have been granted to those companies that have more than 10 per cent of foreign Investment have been revoked.
