27 April 2022
On 7 April 2022, the Central Bank of Myanmar (“CBM”) issued Letter No. 42/2022 (“Letter No. 42/2022”) instructing domestic banks in Myanmar to readjust the maximum credit limits available for international credit cards.
By way of background, CBM allowed international credit cards to be issued to Myanmar citizens via CBM Letter 501/2013 and CBM Letter 26/2017 to facilitate retail payments and travelling overseas. CBM stipulated the monthly maximum credit limit to be US$5,000 for international prepaid cards (MasterCard/VISA/UPI prepaid cards) and MMK5 million for international credit cards (MasterCard/VISA/UPI credit cards) depending on the income of the card user.
Further to Letter No. 42/2022, domestic banks must readjust the maximum amount limits of international cards as follows:
- US$2,500 for the international prepaid card (MasterCard, VISA, UPI prepaid cards)
- 5 million for international credit cards (MasterCard, VISA, JCB, UPI Credit Card and international co-brand cards (MPU-UPI, MPU-JCB card)
Banks are required to submit to the CBM information on the issuance and acquiring of international prepaid cards, international credit cards and international co-brand cards every week.