Myanmar’s central bank ordered companies with up to 35% foreign ownership to convert foreign exchange into local currency. The bank’s deputy governor sent a letter to banks directing borrowers to suspend the repayment of interest and principal of various foreign loans obtained in cash. According to Bloomberg, the country’s companies have at least $1.2bln in outstanding USD-denominated loans. Additionally, the central bank restricted ministries and local governments use foreign currency for any domestic transaction. In April, the bank reduced the reserve requirement ratio of local currency to 3.5% and held the foreign currency ratio at 5%.