Bangkok, Apr 21 (AP) Myanmar officials say the military-led government will exempt approved foreign investors, embassies, United Nations agencies and non-government organisations from its rules requiring conversion of foreign exchange into the local currency.

Aung Naing Oo, the army-installed government's minister for Investment and Foreign Economic Relations, said Thursday that details of the central bank's new rule were being worked out.

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But he said foreign companies and others qualifying would be given an automatic exemption.

The Bank of Myanmar's announcement that foreign currency bank holdings must be converted to kyats within one day raised protests from foreign governments and business organisations.

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Aung Naing Oo told foreign reporters in an online briefing there would be “no additional burden” for foreign investors. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)