Formal announcement of Foreign Exchange Supervisory Committee (FESC) in the "government gazette".
Foreign Exchange Supervisory Committee is formed with the following persons:
• Lieutenant-General Moe Myint Tun (Chair)
• U Win Shein, Union Minister of the Ministry of Planning and Finance(Member)
• Dr.Pwint San, Union Minister of the Ministry of Commerce (Member)
• Dr. Kan Zaw, Union Auditor General (Member)
• U Thein Nyein, Governor, CBM (Member)
• U Aung Naing Oo, Union Minister of the Ministry of Investment and Foreign Economic Relations (Secretary)
The purposes of FESC are as follows:
• To approve the usage of foreign currency required for the foreign investments, equipment, machinery, and raw materials needed for the manufacturing.
• To approve the usage of foreign currency required for buying fuel, medicine, edible oil, fertilizers, insecticides, and construction materials that are not available locally.
• To approve the usage of foreign currency required for the citizens’ medical treatment abroad, educational and religious purposes.
• To approve the usage of foreign currency required for the import, reimbursement of foreign loans and interest, services payment, and repatriation of profits.
• To approve the usage of foreign currency required for the import of luxurious products, in the case of necessary import of such products.
• To supervise the circulation of foreign currency for the domestic and international investments, manufacturing, export/import, and services related to education and health.
