On 7 September 2021, the Central Bank of Myanmar (“CBM”) issued a letter to all banks, financial services companies and mobile financial services providers informing of a change to the fiscal year (“Letter”). The Letter instructs that for these types of businesses, the fiscal year will run from 1 April to 31 March from the 2022-2023 fiscal year onwards.
The Letter also informs that the period from October 2021 to March 2022 will function as an interim budget period. Prior to the issuance of this Letter, the fiscal year in Myanmar ran from 1 October to 30 September. CBM advises banks, financial services companies and mobile financial services providers to undertake the necessary steps to prepare for this change.