The military council leader Min Aung Hlaing has restructured the Foreign Exchange Supervisory Committee, removing former chairman Mya Tun Oo and appointing Nyo Saw in his place. Following the dissolution of the military council on July 31, the previous Foreign Exchange Supervisory Committee led by Mya Tun Oo was also disbanded. On August 6, a new committee was formed with Nyo Saw as chairman, including six minister-level officials.
The newly formed Foreign Exchange Supervisory Committee is chaired by Nyo Saw, who has been appointed as Prime Minister, and includes Investment and Foreign Economic Relations Minister Wa Wa Maung, Commerce Minister Chit Swe, Auditor General Khin Naing Oo, Central Bank Chairman Than Than Swe, and Finance and Revenue Minister Kan Zaw. The committee’s primary responsibility is to systematically monitor and control foreign currency transactions, particularly focusing on reviewing and approving foreign currency allocations for essential imports such as fuel, medicine, cooking oil, fertilizers, pesticides, and construction materials that cannot be sourced domestically.
Currently, due to the military’s severely limited US dollar income, they have imposed strict controls on foreign currency usage. According to a business owner from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), imports of consumer goods, medicines, and most other products from abroad are being restricted. The import restrictions are particularly severe for crucial items like medicines, leading to shortages, with even basic medications like metformin for diabetes seeing significant price increases. Additionally, the military has restricted air cargo transportation and border trade from foreign countries, effectively blocking all import routes into the country.
