Knowledge Highlights 25 April 2024
Central Bank of Myanmar reduces time frame for deposit of export earnings
On 25 December 2023, the Central Bank of Myanmar (“CBM”) issued Notification No. 27/2023 (“Notification”) stipulating that the time frame for the inbound remittance of export earnings has been reduced to 30 days or to 60 days, depending on the place of export. The Notification came into effect on issuance.
This Notification amends the time frames for the deposit of export earnings with a bank authorised to deal in foreign currency (“authorised dealer bank”) as follows:
|
No |
Criteria |
Previous time frame |
New time frame |
|
1 |
Earnings from goods exported to Asian countries |
To be deposited within |
To be deposited within |
|
2 |
Earnings from goods exported to countries outside Asia |
To be deposited within |
To be deposited within |
This reduction follows CBM Notification No. 26/2023, issued on 6 December 2023 with immediate effect, which provides that exporters shall convert and sell 35% of their export earnings at the CBM exchange rate within one working day to an authorised dealer bank. This is a reduction from the previously mandated amount of 50% of export earnings. Please see our article titled “Myanmar reduces percentage of foreign currency export earnings to be converted into kyat” for more on Notification No. 26/2023.
