29 November 2022
On 31 October 2022, the Department of Trade of the Myanmar Ministry of Commerce announced via Import/Export Newsletter No. 10/2022 (“Newsletter 10”) that all border trade transactions must be conducted through bank transactions. Importers are allowed to acquire foreign currency from export earnings, salaries for and remittance by Myanmar workers overseas as well as other sources.
Newsletter 10 sets out the following requirements for the conduct of business at the Myanmar-Thai border:
- Importers must show proof of sufficient funds by providing credit advice and original bank statements issued by the relevant bank to the Department of Trade. Only export earnings or income earned after 1 April 2022 can be utilised for this purpose;
- The Department of Trade will approve the import license for an amount not exceeding the bank balance as shown in the original bank statements provided; and
- For items that do not require import licenses, the importer must submit proof of sufficient funds when filing an import declaration with the Customs Department.
Newsletter 10 came into effect on 1 November 2022 and is currently only applicable to transactions at the border between Myanmar and Thailand.