Burma relaxes foreign currency exchange controls
Play
Rangoon - Burma's government on Wednesday relaxed rules on legitimate money exchangers, allowing them to swap up to 10,000 dollars into the kyat currency without documentation from Burmese nationals.
Under the previous rules, Burmese nationals with identity cards could only buy or sell a maximum of 2,000 dollars daily at official foreign exchange outlets.
Those seeking to exchange more than 2,000 dollars needed to provide evidence of how they had acquired the foreign currency. As of Wednesday, the limit was hiked to 10,000 dollars without documentation, bank sources said.
The exchange rate Wednesday was 820 kyat for 1 dollar, compared with the black market rate of 810 kyat.//DPA
