The Central Bank of Myanmar issued a notification on 13 July that exporters are to exchange only 50 per cent of their export earnings for Myanmar Kyats instead of 65 per cent as per the instructions.
Republic of the Union of Myanmar
Central Bank of Myanmar
Notification No 15/2023
11th Waning of First Waso 1385 ME
(13 July 2023)
1. The Central Bank of Myanmar (CBM) has hereby announced this notification by exercising the authority entrusted under Sub-Section (b) of Section 49 of the Foreign Exchange Management Law.
2. The CBM issued Notification No 36/2022 on 5-8-2022 that exporters shall convert 65 per cent of the export earnings to Myanmar Kyats according to the stipulations mentioned in Notification No 12/2022.
3. It is amended that exporters are to exchange only 50 per cent of their export earnings for Myanmar Kyats instead of 65 per cent as per the stipulations mentioned in Notification No 12/2022.
4. This Notification shall come into effect on the date of issue.
5. Failure to comply with this Notification shall be subject to action under the Foreign Exchange Management Law.
Than Than Swe
Governor
Source: Myawady Daily Newspaper (14-7-2023)
- The Central Bank of Myanmar issued a notification that exporters are to exchange only 50 per cent of their export earnings for Myanmar Kyats instead of 65 per cent as per the instructions.