... banks including Cooperatives Bank, Kanbawza Bank, Ayeyawady Bank and Asia Green Development Bank...Yangon (ANTARA News/Xinhua-0ANA) - Myanmar Ministry of Finance and Revenue has given green light to proposals of authorized dealer license holder banks to handle transferring of remittance for workers in Singapore, Thailand and Malaysia to their families in the country, an official daily report Saturday.
The banks including Cooperatives Bank, Kanbawza Bank, Ayeyawady Bank and Asia Green Development Bank, will help facilitate Myanmar migrant workers to be able to send back money to their families in the country legally and safely, the New Light of Myanmar said.
At present, Myanmar workers were working legally or illegally in Thailand, Singapore, Malaysia, Japan, South Korea and Middle East countries. This is a revolutionary monetary moves for the military junta controlled country.
Meanwhile, Myanmar has exempted its citizens living abroad from paying income tax in foreign currency out of their salary earning there which will be effective from Jan. 1, 2012.
This is a latest measure taken by the government to replace an earlier tax relief measures for their citizens as part of its continued reform measures after assumption of the government in March this year.
On Nov. 25 this year, the Central Bank of Myanmar has granted 11 private banks to trade foreign currencies in line with rules and regulations set by the Central Bank of Myanmar. (H-AK)
Editor: Ade P Marboen
Copyright © ANTARA 2011
