70% of rice, pulses and maize export earnings used to import motor fuels

photo 2023 12 22 16 51 07

Payment for motor fuel imports must be made by 70 percent export earnings from rice, broken rice, pulses and maize, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) said in a statement.

The Central Bank of Myanmar will forward the export declarations of each company exporting rice, broken rice, pulses and maize received from the Customs Department to the Authorized Dealer (AD) licensee banks.

The exporter must convert 35 percent of his 30 percent earnings into Myanmar kyats at the CBM’s reference exchange rate within one day, and can sell 65 percent of that 30 percent on the online trading platform. The remaining 70 percent of export earnings will be deposited to the firm’s foreign currency account to pay for fuel imports.

With 70 percent earnings, the exporter can either settle his own fuel import or sell to another fuel importer on online trading platform through the AD-licensed banks. In the event of a sale, account transfers can be made between the same or different banks.

When a motor fuel importer applies for the license, he/she will have to submit proof of export earnings or credit advice and original bank statement issued by AD-licensed banks for the purchase of export earnings.

Thit Taw/ZN

Share this post
Hot News
Hot News
5253 Rakhine students pass matriculation exam amidst various difficulties
Umbrellas for kids sell better
First honouring ceremony to elderly Deva Experts held in Myanmar
High-quality Japan used toys and model cars attract customers
Education conference must contribute to emergence of better results for State’s future
Myanmar’s agri-produce exports cross US$970M in Apr-May
MoNREC designates Yone Taung protected public forest in Haka
Myanmar, Indian Armed Forces to forge friendly ties, further cooperation
MIFER Union Minister receives UAE Ambassador
MoHA Union Minister discusses custody of exhibits