YANGON: The Myanmar Investment Commission (MIC) has announced that it will accept Chinese yuan in addition to US dollars for foreign investment activities, according to a statement released on March 16.
The move is aimed at facilitating smoother investment processes and better meeting the needs of investors.
Under the new arrangement, proposals and applications submitted to the MIC can now include foreign capital in either US dollars or Chinese yuan.
The commission stated that investors bringing in capital in US dollars may proceed using the same currency, while those using Chinese yuan may also conduct transactions in yuan.
All related transfers and payments must be carried out through authorized dealer (AD) licensed banks that are permitted to handle foreign exchange transactions.
The MIC noted that this measure is expected to simplify procedures and enhance convenience for foreign investors operating in Myanmar. - Eleven Media/ANN
