Military-led Myanmar seeks to reassure foreign investors

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Myanmar officials are seeking to reassure foreign investors over currency controls that foreign governments and businesses say would make doing business in the military-ruled country nearly impossible. Two ministers of Myanmar’s army-installed government said Thursday that approved foreign investors, embassies, United Nations agencies and non-government organizations are exempt from rules requiring conversion of foreign exchange into the local currency. A recent announcement by the Bank of Myanmar that foreign currency bank holdings must be converted to the local currency, kyats, raised protests from foreign governments and business organizations. Foreign investment and trade minister Aung Naing Oo told foreign reporters that foreign investors would have “no additional burdens.”