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Myanmar is among the burgeoning economies of Asia, ever since the country’s economic liberalization put forward 2011 residents of the country have seen their wealth and living standards steadily increase. This goes, of course, hand in hand with an increase in foreign investment and the flow of foreign capital. Online Forex trading isn’t very popular in the country but it still does take place and the government has seen that it is properly integrated within its regulatory framework.
The main financial regulator in the country is the The Central Bank of Myanmar which intervenes heavily in the economy of Myanmar. Stepping on the guidelines of the Ministry of Finance & Revenue, the CBM is charged with the oversight of the financial sector in Myanmar and guaranteeing financial stability. Both private banks and state-owned banks in Myanmar fall under the regulatory oversight of the CBM. Two main approaches (on-site examination and off-site monitoring) are currently used for supervision, regulation and monitoring of financial stability. The website of the CBM is quite informative and available in English.
In a surprising move on part of the National Bank since October 2011 more than 15 licenses have been given to private-bank subsidiaries which are acting as authorized dealers in foreign currency exchange. The move was in part motivated by a surge in illegal foreign exchange which prompted the bank to integrate it into their laws and regulate it. Furthermore, Vice Governor of the CBM Daw Khin Saw Oo told the parliament in Myanmar that he views Forex trading as an excellent opportunity to develop the country’s financial market.
Forex brokerage registered and regulated elsewhere are allowed to target traders in Myanmar and they are the most widely preferred, however, they must apply for an official permission by the so-called Controller according to the Foreign Exchange Regulation Act of the National Bank. An example is well-known Belize-regulated Forex brokerage FSB which opened an office in Myanmar back in 2016. Another example of a Forex brokerage targeting traders from Myanmar is the ASIC-regulated IC Markets. An important feature for brokerages to have in mind is, of course, the availability of the Burmese language option.
The most popular payment methods in Myanmar are the standard Visa and MasterCard, e-wallets such as Neteller and international money transfer services providers like Xpress Money, MoneyGram, Maybank, International Money Express (IME) and Singapore Post.