Military-led Myanmar seeks to reassure foreign investors

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Myanmar officials have sought to reassure foreign investors who say doing business in the military-ruled country is nearly impossible because of new currency controls. Two ministers in 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 raised protests from other governments and business organizations. Trade Minister Aung Naing Oo now says foreign investors would face “no additional burdens.” The U.S. and others have imposed targeted sanctions on Myanmar’s military.