Banking transactions for imports on Myanmar-China border to commence 1 August

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An aerial view of the trade zone on the Sino-Myanmar border.

Banking transactions for imports in the Myanmar-China border will be started from 1 August 2023, according to a news bulletin 10/2023 dated 23 June 2023 issued by the Trade Department under the Ministry of Commerce.
Initially, the banking transaction system was exercised on 1 November 2022 at the Myanmar-Thailand border points. And, this system will proceed to the Myanmar-China border from 1 August 2023.
The importers must use the banking system with foreign currency (Yuan) purchased from local banks or export earnings deposited in local bank accounts, the CBM directed.
Additionally, companies need to show export earnings or income statements, credit advice or bank statements while seeking a licence from the department.
The import licence will be granted for the amount not exceeding the account balance after screening the bank statement or export earnings or foreign currency purchase records.
Importers who have already sought import licences are required to bring in the goods by 31 August 2023. If they failed to import before the deadline, their import licence will get cancelled.
Regarding export earnings and income statements, the bank deposits put in the account after 1 January 2023 can be used.
Exporting companies can use their earnings for imports or transfer them to other entities for import purposes at border checkpoints. — NN/EM

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