On 7 April 2022 the Central Bank of Myanmar (CBM) issued a letter effectively cutting spending limits on Myanmar issued credit cards and prepaid debit cards in half.
Up until now Myanmar issued cards were subject to the following limits:
USD5,000 per month for international prepaid debit cards;
a maximum of MMK5 million for credit cards
This has now effectively been cut in half as of April 2022 with the following spending limits now applying
USD2,500 per month for international prepaid debit cards;
a maximum of MMK2.5 million for credit cards
Seen in the context of other steps taken by the CBM, such as requiring all foreign currency receipts being converted into local currency and implementing new approval requirements for any offshore currency transfers it appears that this may be another step to try reduce the depletion of foreign currency reserves.
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