The foreign currencies will be sold to importers of construction materials, agriculture, transport and energy-related materials via land borders, according to the Ministry of Commerce.
The imports include steel, iron, polymer, insecticide, fertilizer, solar and machinery. The current plan to sell foreign currencies online to importers is intended for seven products imported through border camps under the permission of Foreign Exchange Supervisory Committee-FESC.
Moreover, the ministry will review the remaining imports and sell the currency to importers.
Currently, there are border trade routes such as Myanmar-China, Myanmar-Thailand, Myanmar-Bangladesh, Myanmar-India and Myanmar-Laos. Most of the products are imported via the Myanmar-China border, and so the foreign currency especially yuan will be sold for these products.
Currently, only yuan is allowed for border trade between Myanmar and China. It must submit the bank statement for buying yuan whether it is from export earnings or local banks when applying for the import licences. — ASH/KTZH
