Knowledge Highlights 10 September 2021
On 3 September 2021, the Central Bank of Myanmar issued Notification No 33/2021 (“Notification”) which reminds that exporters must deposit all their export income received in foreign currency with a Myanmar bank in accordance with section 38(b) of the Foreign Exchange Management Law (“Law”).
Section 38(b) provides that “No one shall fail to deposit incomes on export in the form of foreign currency into a bank account in the State within prescribed period”. Section 42(a) of the Law stipulates that breach of section 38(b) will result in imprisonment not exceeding one year or a fine or both.
The Notification states that exporters must sell/convert, at the prevailing exchange rate, all their unused export income that is in foreign currency to Myanmar Kyat with a Myanmar bank holding an authorised dealer licence issued by the Central Bank of Myanmar within four months of the receipt of such export income.
The Notification came into effect on 3 September 2021.