Press Release No. 11/392

Press Release: Statement at the Conclusion of the Article VIII Mission to Myanmar

November 2, 2011

The following statement was issued today in Nay Pyi Taw, after the conclusion of an International Monetary Fund (IMF) Article VIII mission to Myanmar:

“A team from the Monetary and Capital Markets, Legal, and Asia and Pacific Departments of the IMF visited Myanmar during October 19–November 1, 2011, at the request of the Central Bank of Myanmar to discuss its plans to unify the exchange rate regime and lift restrictions on current international payments and transfers with the intention of accepting Myanmar’s obligations under Article VIII, Sections 2(a), 3 and 4 of the IMF’s Articles of Agreement. IMF members accepting the obligations of Article VIII undertake to refrain from imposing exchange restrictions on the making of payments and transfers for current international transactions or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval.

“The team met with government officials, banks, and public and private sector representatives to conduct an initial diagnostic assessment of the legal framework and actual market practices governing the exchange rate system of Myanmar and, in particular, the existing exchange restrictions and multiple currency practices. The mission team would like to thank their counterparts for their cooperation and productive engagement.

“The team will continue its work from the IMF Headquarters in cooperation with Myanmar authorities as they formulate their policies towards accepting the obligations of Article VIII. The team expects to visit Myanmar again for a follow up mission in early 2012.