CBM directs banks to report FX sales data from 29 August

The Central Bank of Myanmar (CBM) directed the Authorized Dealers (banks) to forward daily reports of the foreign exchange sales from 29 August, according to the CBM’s notification dated 25 August.
According to the statement, the banks must submit the Foreign Exchange transaction data to the CBM when they buy foreign currency from those entities (companies, institutions) that are exempted from foreign currency conversion regulation for 35 per cent of export earnings, and sell them to the fuel oil importers. The daily report is to be sent by 5 pm effective 29 August.
Regarding foreign accounts of the exporters at the banks, 65 per cent of earnings must be exchanged for local currency within one working day. Banks must conduct transactions out of the remaining 35 per cent for the use of exporters or remittance or selling to the ADs or use themselves within 30 days of earnings.
The CBM set the reference exchange rate for the US dollar at K2,100, while the dollar is valued at over K3,000 in the unofficial FX market. — TWA/GNLM