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
