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MYANMAR – The junta council has threatened towards civilians that action will be taken to those people holding foreign currencies without permission under the Foreign Exchange Management Act, which can punish people for up to 3 years in prison.
Central Bank of military council announced this statement related to keeping foreign currency while the value of Myanmar currency, kyat, is rapidly falling and the value of the dollar and baht is rising,
Junta council announced that local residents who have received foreign currency in a legal way will be allowed to hold up to US$10,000 or foreign currency equivalent to US$10,000 for 6 months.
After 6 months, the foreign currency must be sold at money changer, the junta council forces the civilians citing the Foreign Exchange Management Law.
The military council threatened to take action under the Foreign Exchange Management Act if foreign currency is found on hands.
According to the criminal and penal section of mentioned law, a person can be imprisoned for up to 3 years.