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16-09-2023, 08:38 AM
The new remittance regulation, which took effect on September 1, requires migrants who are due to leave Myanmar for overseas jobs to open a joint account at a bank regulated by the Central Bank of Myanmar, and remit 25 percent of their earnings to that account.
While the measure will supply the regime with a source of much-needed hard currency, expatriate workers and their families will suffer as the remittances will be converted at the official exchange rate of just 2,100 kyats per US dollar while the market rate is far higher at 3,400 kyats.
While the junta’s reference exchange rate is just 56 kyats to the baht, the market rate is around 100 kyats per baht.
So, a Myanmar migrant who earns 20,000 baht per month will have to remit 5,000 baht through the junta’s banking system. The regime will get 5,000 baht for just 300,000 kyats while unlicensed Hundi exchange operators will pay nearly 500,000 kyats for the same amount.
https://www.irrawaddy.com/news/burma/cas...-rule.html
While the measure will supply the regime with a source of much-needed hard currency, expatriate workers and their families will suffer as the remittances will be converted at the official exchange rate of just 2,100 kyats per US dollar while the market rate is far higher at 3,400 kyats.
While the junta’s reference exchange rate is just 56 kyats to the baht, the market rate is around 100 kyats per baht.
So, a Myanmar migrant who earns 20,000 baht per month will have to remit 5,000 baht through the junta’s banking system. The regime will get 5,000 baht for just 300,000 kyats while unlicensed Hundi exchange operators will pay nearly 500,000 kyats for the same amount.
https://www.irrawaddy.com/news/burma/cas...-rule.html
